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Iraq sets oil sales to Asia by 67% in 2019
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The Iraqi Ministry of Oil announced on Tuesday the setting of 67% in 2019, referring to the establishment of marketing bases and mechanisms according to the importance of each market in terms of volume of demand and financial return.
The Ministry Spokesman Asim Jihad said in a statement received by Alsumaria News that the ministry approved the allocation of quantities for new contracts for companies buying Basra crude oil light and heavy and Kirkuk crude oil for the year 2019, "adding that" the ministry has identified the rates of major global markets of oil exports Iraqi crude, where the percentage of allocated quantities of total quantities planned to be exported next year 2019 for the Asian market (67%) and the European market (20%) and the US market (13%).
Jihad added that "the marketing and economic fundamentals and vision adopted by the Oil Marketing Company ( SOMO ) have been set in the allocation of quantities available for export and according to the importance of each market in terms of the volume of demand and the financial return achieved to sell a barrel." He pointed out that "the Deputy Prime Minister for Energy Minister of Oil Thamir Abbas Ghadhbandirected a balanced policy in dealing with the global oil market, to maintain the stability of markets and to ensure and achieve the interest of Iraq's economic.
The oil marketing company (SOMO) relies on a set of criteria in the allocation of their contractual quantities
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