BAGHDAD – Business News Report|| Iraqi Oil Minister Basim Mohammed Khudhair confirmed ongoing negotiations with a consortium comprising American and Qatari firms regarding the proposed oil pipeline connecting Basra to Baniyas. The minister emphasized that Baghdad is actively working to enhance and establish new crude oil export channels for global markets through collaboration with international energy corporations.
Diversifying Export Infrastructure
Speaking during the opening ceremony of the fourth edition of the Oil and Gas Exhibition and Conference, Khudhair detailed the strategic partnership aimed at expanding infrastructure capabilities. He stated that Iraq is collaborating with Chevron, the American energy giant, alongside Qatar’s USS Company and IT Capital to construct a new system of pipelines.
The primary objective of this initiative is to facilitate the export of crude oil via two distinct geographical corridors: Ceyhan in Turkey and Baniyas in Syria. This dual-route strategy is designed to significantly strengthen and diversify the nation’s oil export outlets, thereby reducing dependency on single transit paths and enhancing overall logistical resilience against regional disruptions.
Commitment to OPEC Quotas
Despite these infrastructural expansions, the minister reiterated Baghdad’s steadfast commitment to its production quota within the Organization of the Petroleum Exporting Countries (OPEC). He assured that national output will not exceed four point two million barrels per day, aligning with collective agreements aimed at stabilizing global supply dynamics and maintaining market equilibrium.
This adherence to production limits underscores Iraq’s role as a responsible member of the cartel, balancing domestic revenue needs with broader economic stability goals set by the organization’s collective framework for sustainable resource management.
Current Export Performance
Highlighting recent operational achievements, Khudhair disclosed that crude oil exports for the first week of the current month averaged three million barrels daily. This figure represents a robust performance level, indicating strong demand and efficient logistics execution across existing export terminals and shipping operations.
Addressing journalists on the sidelines of the exhibition opening, the minister noted that loading operations for tankers are continuing uninterrupted. These activities are scheduled to ship additional volumes, ensuring consistent flow to international buyers and supporting the country’s fiscal planning based on projected revenue streams from these sustained high-volume shipments.
This story was produced in the newsroom from the disclosed sources named above.
