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Oil adopts a new strategy in production and marketing to global marketsLight News / Baghdad
Oil Minister Jabbar Luaibi, the adoption of a new strategy in the production, marketing and sale of Iraqi oil to world markets, in order to increase fiscal revenue accruing to the federal budget, as well as strengthen Iraq 's position in the global markets.
"The Ministry plans and within the next year 2019 projects to achieve an increase in the production and exports of Iraq from light oil to one million barrels per day through projects to develop a number of reservoirs of oil, which is characterized by light oil, including Yamamah. Southern Iraq ".
He added that he "instructed the concerned departments and companies of the ministry to adopt the strategy of production and export of one million barrels of light oil and national effort within the plans for the next year 2019," adding that "this strengthens the role of Iraq in the world oil markets through the production and marketing of three types of oil (Light, medium, heavy). "
"Some development projects may require consultation and cooperation with specialized international companies to achieve the planned objectives," Al-Allaibi said.
For his part, said spokesman Assem Jihad, "The difference in the price of selling light oil is more than the price of oil" medium and heavy, and there are several levels of crude oil traded locally and globally, each serving different needs for the real market.
"The world's oil refineries prefer light and sweet oil because of their low sulfur content and their relatively high production of high-value materials such as gasoline, kerosene, white oil and jet fuel. Light crude oil is the most refined oil traded and traded in the world," he said.
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