Iraq, Saudi Arabia sign 18 energy memorandums in Basra

During the inauguration of the seventh edition of the Basra oil and gas exhibition in Iraq, Iran and Saudi Arabia have signed 18 memorandums of understanding in the energy field. 22 Saudi companies took part in the exhibition which purpose was to reinforce the “strategic partnership” between the two countries. Saudi Energy Minister Khaled al-Faleh said that improved relations and energy cooperation between Iraq and Saudi Arabia will help bring stability to the international oil market, with both being prominent OPEC members. Over the past two years because of Saudi Arabia’s opposition to the involvement of Iraqi Shia paramilitary forces in the fight against Islamic State, relations between Sunni-ruled Saudi Arabia and the Shia-dominated Iraqi government have been tensional. But in the past months there was a rapprochement between both countries: top-level officials exchanged visits and expressed eagerness to boost political, security and economic cooperation. In July, both countries established a joint coordination council to boost ties on all levels, while in October, more than 60 Saudi companies attended the Baghdad International Exhibition.