Despite the embargo on Russian oil, Iraq is outside the world's plan to increase supplies and fill the shortage
Reports| 05:07 - 03/21/2022
Special- Mawazine News
The European Union foreign ministers will meet, at a later time, to determine the possibility of imposing a ban on the import of Russian oil amid warnings of high prices to record levels and the start of Western countries to resort to Middle Eastern countries to increase supplies in isolation from Iraq.
And last week, British Prime Minister Boris Johnson visited Saudi Arabia and the UAE to ask them to increase supplies and compensate for Russian oil, but
he noticed that Iraq was not being taken into account, even though Iraqi oil matches the specifications of Russian oil, which can be refined in Europe.
An Iraqi official at the Ministry of Oil said in an interview with Mawazine News that "the neglect came due to several reasons, including the
weak Iraqi external position in the oil markets , and the
presence of oil exchanges in the Gulf that the UAE and Saudi Arabia exploit to supply oil,
unlike Iraq, which sells a small percentage of its oil in the stock exchanges."".
He adds, "The second thing is that these countries have great relations with major oil companies, and the
recent period most of the major companies began to withdraw from Iraq as a result of security and political conditions and the exposure of their headquarters to bombing in Basra, especially if we note that a company such as Shell bought Russian oil and buys oil from other countries.
Others due to banking and commercial facilities.
As for the economic expert, Hamza Al-Jawahiri, he confirms to / Mawazine News / that "there are Iraqi shortcomings that prevent it from increasing the volume of its oil exports."
Al-Jawahiri adds, "Iraq suffers from a noticeably weak infrastructure, and there are pipelines that are unable to increase the volume of exports if international sanctions are imposed on Russian oil."
He pointed out that "dealing with Russian companies operating in the Iraqi fields will not be affected by any international decision, especially since Iraq gives them oil instead of money." Ended 29 / h