RF: investment in Iraq

Investments of Russian companies in oil and gas projects in Iraq exceeded $10 billion.

The meeting was held between Minister of Energy of Russia, Nikolay Shulginov, and Minister of Foreign Affairs of Iraq, Fuad Hussein. Parties discussed current and potential energy projects of Russian companies in Iraq, in particular cooperation in the oil and gas sector, and modernization of electric power facilities

"As a result of long – term cooperation between Russia and Iraq, the total investment of Russian companies in development of Iraq oil fields has exceeded $10 billion", Shulginov said.

"The work under the OPEC+ Declaration of Cooperation also plays an important role. I would like to thank the Iraq for its constructive work within OPEC+ and for its efforts to stabilize oil market. We will continue to build a constructive dialogue, taking into account the active participation of Iraq", the Minister of Energy noted.

Lukoil, Gazprom Neft and Rosneft are currently involved in production projects in Iraq.

It is worth to note that the total volume of oil overproduction by OPEC+ participants, when the agreement new terms were in effect, amounted to 2.346 million barrels per day in May-October. In particular, OPEC countries produced 1.32 million barrels per day in excess of the transaction parameters. In countries outside the cartel - 1.025 million barrels per day. Overproduction in Iraq was 0.6 million barrels per day, in Russia – 0.53 million barrels per day, in South Sudan - 0.3 million barrels per day, in Gabon, Nigeria and the Congo - 0.2 million barrels per day. These volumes will need to be compensated by the end of this year by deepening production cuts.