Iraq sets oil quotas planned for export in 2019

Editorial Date: 2018/11/27 13:14

{Baghdad: Al-Furat News} The Ministry of Oil confirmed its keenness to adopt technical and economic standards in the mechanism of marketing crude oil to international markets and to achieve the highest revenues.

“The ministry has approved the allocation of quantities for the new contracts for companies buying Basra crude oil, light and heavy, and Kirkuk crude oil for the next 2019,” the spokesman of the ministry Assem Jihad said in a statement received by the agency {Euphrates News}.

He pointed out that “the foundations and mechanisms of marketing and economic and strategic vision adopted by the oil marketing company (SOMO) in the allocation of quantities available for export and the importance of each market in terms of volume of demand and the financial return achieved to sell a barrel.”

Jihad said that “Deputy Prime Minister for Energy and Minister of Oil Thamir Abbas Ghadhban directed a balanced policy in its dealings with the global oil market, to maintain the stability of markets and to ensure and achieve the interest of Iraq’s economic

He said,” The ministry has identified the rates of major global markets of crude oil exports The market share of the European 20% and the US market 13%. ”

The oil marketing company (SOMO) depends on a set of criteria in the allocation of their contractual quantities to the procuring companies For oil Alaraca.anthy

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