Iraq exports 5 million barrels of oil before the end of 2017

Iraq exports 5 million barrels of oil before the end of 2017


 Baghdad / Fadia al-Jawari

The forecast of the Iraqi Ministry of Oil indicated that the rate of production of Iraq's crude oil at the end of this year to 5 million barrels per day has revealed its intention to build five refineries with a capacity of 1 million barrels per day. This includes auditing the export mechanisms and contracts signed between the Iraqi government through its National Oil Marketing Company (SOMO) and the importers of Iraqi oil.


The director of the National Oil Marketing Company (SOMO) Falah al-Ameri told a press conference attended by the «range», that «Sumo has accurate export mechanisms as a firm company in all joints», adding: "There is an internal system of the company specified by the law is provided, That the oil is not exported except with the consent of the Iraqi oil minister, "pointing out that:" The marketing company is not allowed to enter another company without reference to the Board of Directors of the company, as oil companies were exposed to the relevant committees in the Ministry of Oil and those committees amendments and then ratified to expose On the Minister of Oil "He continued Amiri that" Sumo is considering offers All companies that apply for the export of oil and within the standards are accurate and study the possibilities and the vigilance of those companies, therefore, all offers from companies are within the international standards, "noting that (Sumo) common programs, including Reuters programs to analyze the market at every moment"
Director of Marketing of Petroleum Products Mortada Abdul Redha said during his meeting that "Sumo Company adopts strict standards and does not export oil except with the approval of the Minister of Oil," adding that "the quantities of freight are priced and then go to the Development Fund for Iraq in the United States The money is not transferred to the Ministry of Oil or the Ministry of Finance, but the funds go to the Development Fund and are withdrawn by the Central Bank of Iraq and then enter the federal budget of the Iraqi state.
He added that the process of exporting and entering the money is being monitored by Transparency International and the Financial Control Bureau. There is no error in the information provided by Sumo. He pointed out that the company does not allow intermediaries in the export process, which has caused problems with government bodies trying to "He pointed out that the price of oil is made through the international and regional market pricing such as the Gulf market and the markets of Asia, America and Asia, indicating that Iraq enters the oil trade market from the widest door." He said that the company since 2006 and so far did not fall into serious mistakes, She was careful about the accuracy of her information Ahratha a day to be moving towards pricing company, not just marketing. "
Iraq is reforming its oil sector, including the launch of crude sales through auctions on the Dubai Mercantile Exchange to reach higher prices and set up joint ventures to trade and transport crude to understand the dynamics of the market, seen as a plan to gain influence and increase revenues as the country seeks to rebuild its economy.
In turn, the oil expert Hamzah al-Jawahri said in an interview for "Al-Mada" that "the commitment to the agreement to reduce oil production with OPEC continues and the agreement will end soon," adding that "the reduction of oil production in order to drain excess quantities in the oil markets and controlled by speculators, Oil recovery gradually after the withdrawal of excess quantities of oil. "
Al-Jawahri said that "Iraq will come out of the agreement in the event of termination only in case he wants to raise oil prices above the levels of 60 or 65 dollars per barrel," adding that Iraq continues in its development programs in terms of oil production and export, The increase of production and then an increase in exports in the event of global improvement of oil prices "The
Jeweler said that" the Ministry of Oil has announced in advance that the development of border fields between Iraq, Iran, Iraq and Kuwait, these fields are eight, pointing out that the first phase has been agreed to develop two fields with Iran They are my fields Dabad and Khanqin) and then other fields, noting that "the development programs for oil production can not be stopped because of the development and competition in the production and export of oil in the world."
He pointed out that "Iraq has developed carefully planned plans to reach self-sufficiency of gas production being one of the first in the production of oil and has a large quantity of oil fields and productive and we have foreign gas investment companies attractive and good offers and long-term strategies in the investment gas associated with oil production operations and projects You need time to get into actual production. " The Iraqi Oil Marketing Company (SOMO) has informed its customers that it intends to change the benchmark price of Basra crude in Asia to the price of Omani crude oil futures on the Dubai Mercantile Exchange from the average price of Dubai and Oman crude on the Platts platform as of January 2018.


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