RIYADH: The electrical interconnection project between Saudi Arabia and Iraq will support the Iraqi electrical grid, according to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman.
In an interview with Al-Arabiya, the prince said the connection was a dream that had become a reality and would achieve tangible economic benefits and enhance energy security.
Speaking on the sidelines of the OPEC+ meeting in Vienna, he said: “We have no complexes about speculation in the oil market,” and the decision to cut oil production was a “precautionary” one.
“Everyone agreed to cut production and we did not force anyone,” he said.
The prince said the oil market needed reassurances and measures to prevent fluctuations.
“We have no interest in the fluctuation of the oil market, whether in the short or long term,” he said.
The aim was to give the oil market clear data for stability and there were independent bodies that would work with the OPEC+ countries to evaluate their production in 2024, he said.
“The task of the independent bodies is to ensure the reliability of data for the oil market,” he said, adding that those parties would end the previous controversy over production data in OPEC+.
The minister said they had discussed with Russia the issue of its production and requested it clarify its data.
“Moscow’s decision not to publish production data leaves doubts about its volume,” he said.
“Independent parties contacted Russia about its production and got the numbers, and we have strengthened transparency with Russia over its oil production numbers.”