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Oil Determines the proportions of planned quantities exported for 2019

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Oil Determines the proportions of planned quantities exported for 2019

2018/11/29 8:24 am

The Ministry of Oil affirmed its keenness to adopt the technical and economic standards in the mechanism of marketing crude oil to the international markets and to achieve the highest revenues.

"The ministry has approved the allocation of quantities for the new contracts for the companies buying Basra crude oil in light and heavy quantities and Kirkuk crude oil for the next 2019," ministry spokesman Assem Jihad said in a statement,

adding that the foundations, marketing and economic mechanisms and the strategic vision adopted by the Oil Marketing Company Sumo) in the allocation of quantities available for export and according to the importance of each market in terms of the volume of demand and the financial return achieved to sell a barrel."

The Deputy Prime Minister for Energy and Minister of Oil Thamer 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 pointed out that the ministry has set the rates of the main international markets of Iraqi crude oil exports.

The percentage of the total quantities of the total quantities planned for export next year is 2019 for the Asian market (67%), for the European market (20%) and for the US market (13%).

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