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17 Jun 2020

OPEC Secretary General welcomes new Iraqi Oil Minister

Vienna, Austria, 17 June 2020--OPEC Secretary General, HE Mohammad Sanusi Barkindo, held a webinar meeting with Iraq’s new Oil Minister, HE Ihsan Abdul Jabbar Ismaael, to welcome the Minister to OPEC and discuss oil market developments and the outcome of the June Ministerial Meetings.

HE Barkindo highlighted the leadership role played by Iraq in OPEC over the last six decades, noting that Iraq graciously hosted the historic ‘Baghdad Conference’ of September 1960 that gave birth to OPEC. He briefed the Minister on preparations for the upcoming 60th Anniversary celebration of OPEC scheduled to take place in September.

The leaders discussed recent oil market developments and the success of the Declaration of Cooperation (DoC) in restoring stability to the global market. The DoC constitutes an unprecedented milestone in the history of OPEC.

The spirit that led to the formation of OPEC more than six decades ago in Baghdad inspired the partners in the DoC to use the cooperation mechanism to develop a response to the unprecedented situation caused by COVID-19, the Secretary General highlighted.

“The agile and flexible approach has been critical to the success of the DoC to date and will be key going forward. Since the DoC was signed on 10 December 2016, the partners have been able to adapt course depending on market conditions”, said OPEC Secretary General

HE Ihsan Abdul Jabbar Ismaael expressed the importance of Iraq’s partnership with OPEC and commitment to enhancing cooperation in the industry.

HE Ismaael underscored Iraq’s commitment to achieve 100% conformity with its voluntary production adjustments in June under the OPEC+ decisions. Iraq is determined to fully fulfil its commitments despite the challenges the country faces.

The Minister stressed the importance of the two-year timeframe for OPEC+ decisions, which will provide the market with assurances over a longer period. Iraq is committed to help OPEC+ contribute to market stability in the immediate and longer terms.

HE Ihsan Abdul Jabbar Ismaael stressed Iraq’s support for and commitment to the Charter of Cooperation (CoC). The CoC offers a platform for dialogue aimed at promoting stability in the oil market.

The Minister said that Iraq remains committed to hosting an event to commemorate the Diamond Anniversary of OPEC’s founding in Baghdad. Renovations of the Al-Shaab Hall in Bab Al-Muaadham in Baghdad, site of OPEC’s founding, are over 80% complete and should be ready by September 2020.