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NEXT WEEK: Iraq Oil Minister to visit Moscow

Jabbar Luiebi will visit Moscow on August 30-31, where he will meet with Russian Energy Minister Alexander Novak and LUKoil CEO Vagit Alekperov.

BAGHDAD (Sputnik) – Iraqi Oil Minister Jabbar Luiebi will visit Moscow on August 30-31, where he will meet with Russian Energy Minister Alexander Novak and LUKoil CEO Vagit Alekperov, ministry’s spokesman Asem Jihad told Sputnik.

“Mr oil minister will visit Russia on August 30-31 and will meet with the energy minister and the LUKoil president to discuss the issues concerning both sides,”

Jihad said.

According to Jihad, the scheduled trip will see the Iraqi minister also visit a number of oil production plants and facilities.

Russia has been Iraq’s important economic partner for decades. Russia’s Lukoil giant, one of the world’s biggest energy companies, is developing oil fields in southern Iraq. LUKoil holds 75 percent of interest in the Iraqi West Qurna-2 oil field development project, with the remaining share of 25 percent owned by the Iraqi North Oil Company. The West Qurna-2 oil field in southern Iraq is one of the largest in the world with an estimated recoverable oil reserves of up to 14 billion barrels.

In 2016, the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement in Vienna to reduce daily oil production during the first half of 2017 in an effort to stabilize global oil prices.

The agreement was also supported by 11 non-OPEC states, including Russia, which promised to jointly reduce oil output by 558,000 barrels per day. In May, the deal was extended for nine months.

Previously, Alekperov said that LUKoil may start cutting its Iraqi oil output in June to adhere to the extended oil cut deal.

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