Kuwait and Iraq will hold a final round of meetings to agree on pricing in the two countries to agree on the final price of the gas to be exported from Iraq, the minister of oil and water minister said.
Issam al-Marzouq told Kuwait’s An-Nahar that he met with the Iraqi minister on the sidelines of the last OPEC meeting of the Organization of Petroleum Exporting Countries (OPEC), which was recently held on the extension of the oil production reduction agreement, and agreed to hold such talks.
Al-Marzouq added: “The Kuwaiti side is still waiting for Iraq’s approval of the last offer that was presented.”
On the impact of the initial agreement on the extension of the agreement on oil stocks, the Minister of Oil said that it is known that the first half of the year consumption is generally little, and increases in the summer or the second half of the year.
“With regard to inventory reduction expectations, according to the reports presented to the OPEC ministers, the goal of reducing production is expected to reach storage levels to the last five years in the last quarter of 2018,” said Marzouq.
It is worth mentioning that the Kuwaiti side announced last October that it agreed to the Iraqi offer to export natural gas to Kuwait as part of the compensation due on it to be starting 50 million cubic feet and will reach 200 million cubic feet.