Iran, Iraq to sign deal on joint oil fields

Iraq’s oil minister says he expects to reach an agreement with Tehran regarding the exploitation of the two countries’ joint oil fields.

Iraqi Oil Minister Hussein al-Shahristani said on Thursday that an oil deal between Iran and Iraq would be signed in accordance to the international treaty of joint oil and gas fields.

He added that the exploitation of shared oil fields between the two countries would be integrated after the signing of the agreement.

Al-Shahristani had earlier said that Baghdad had entered negotiations with Tehran and Kuwait to reach an agreement on each country’s stake in their shared oil fields.

Iraqi Oil Ministry spokesman Isam Jihad said Thursday that Baghdad plans to increase its oil exports according to a five-year plan that would take the current 1,700,000 barrels per day (bpd) up to 4,000,000 bpd.

Iraq has shared oil fields with Saudi Arabia, Kuwait and Iran.

The Iraqi Oil Ministry says it is willing to settle differences with neighboring countries regarding the joint oil fields.

Al-Shahristani had announced in December that Baghdad was shifting its attention to the oil fields that Iraq shares with its neighboring countries.

“It is unacceptable that neighboring countries are extracting oil from the shared fields while Iraq stands motionless,” he said.

Articles by: Global Research

Disclaimer: The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible for any inaccurate or incorrect statement in this article. The Centre of Research on Globalization grants permission to cross-post Global Research articles on community internet sites as long the source and copyright are acknowledged together with a hyperlink to the original Global Research article. For publication of Global Research articles in print or other forms including commercial internet sites, contact: [email protected] contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of "fair use" in an effort to advance a better understanding of political, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than "fair use" you must request permission from the copyright owner.

For media inquiries: [email protected]