Iraq sets oil quotas planned for export in 2019

by **RamblerNash** Tue Nov 27, 2018 9:56 am

Iraq sets oil quotas planned for export in 2019

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."

"The Deputy Prime Minister for Energy and Oil Minister Thamir Abbas Ghadhban directed a balanced policy in dealing with the global oil market, to maintain the stability of markets and in order to ensure and achieve the interest of Iraq's economic.

He added that "the ministry has identified the rates of major global markets of Iraqi crude oil exports, where the proportion of quantities allocated of total quantities planned for export next year 2019 for the Asian market 67%, the European market 20% and the US market 13%.

The oil marketing company (SOMO) is dependent on a set of criteria in the allocation of their contractual quantities to companies buying Iraqi crude oil

http://alforatnews.com/modules/news/article.php?storytopic=37&storyid=180971