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Iraq 's economy raises its production of "rolling" oil to maximize its imports[/size]
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3 hours ago
Iraq 's economy raises its production of "rolling" oil to maximize its imports[/size]
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3 hours ago
Oil Minister Jabbar al-Luaibi announced on Sunday the adoption of a new strategy in the production, marketing and sale of Iraqi oil to global markets, with the aim of increasing the fiscal revenues achieved for the federal budget, as well as strengthening the position of Iraq in world markets.
"The ministry plans and within the next year 2019 projects to achieve an increase in Iraq's production and exports of light oil to one million barrels per day through projects to develop a number of oil reservoirs that are characterized by light oil, including Yamama reservoir in southern Iraq," al-Allaibi said in a statement.
Al-Luaibi said that he instructed the concerned departments and companies of the ministry to adopt the strategy of the production and export of one million barrels of light oil and national effort within the plans for the next year 2019, and this strengthens the role of Iraq in the world oil markets through the production of three types of oil are "light, Heavy ".
He pointed out that some development projects may require consultation and cooperation with international companies specialized specialized to achieve the goals planned.
For his part, ministry spokesman Assem Jihad said that the difference in the price of selling light oil is more than the price of "medium and heavy" and there are several levels of crude oil traded locally and globally, each serving different needs for the real market.
Jihad said oil refineries in the world preferred light and sweet oil because of its low sulfur content and relatively high production of high-value materials such as gasoline, kerosene, white oil and jet fuel. Light crude oil is the most heavily traded crude oil traded and traded in the world.
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