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[size=36]Iraq warns of price wars to seize the largest share in the oil market[/size]
Economy | 03:42 - 10/03/2020
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Baghdad - Mawazine News
warned the Iraqi Oil Ministry, on Tuesday, of any price war to acquire the largest share in the oil market, while stressing that this does not serve the interests of the producing countries.
The ministry said in a statement received / Mawazine News / a copy of it, that "Prime Minister, Adel Abdul Mahdi, praised while attending the pricing meeting in the Oil Marketing Company, in the presence of the Deputy Prime Minister for Energy and Oil Minister Thamer Abbas Al-Ghadban, the Iraqi oil pricing mechanism implemented by the Ministry of Oil And its reliance on technical, scientific and realistic analysis, through careful monitoring of developments and fluctuations in the global oil market and the changes that occur to it. "
For his part, the Minister of Oil, Thamer Al-Ghadhban, stressed that the government and the ministry are keen on adopting accurate mechanisms in pricing Iraqi oil in a manner that guarantees achieving the highest financial revenues.
Al-Ghadban added, "The ministry deals realistically and wisely with the changes and makes contacts with OPEC member countries and outside them, with the aim of examining the mechanisms that can be adopted to put an end to the deterioration of oil prices in the global market and to put in place appropriate treatments for that."
For his part, Director General of the Oil Marketing Company, Alaa Al-Yasiri, said, "(SOMO) is following with interest the developments of the oil market and it is conducting extensive contacts with the governors of the Organization of Petroleum Exporting Countries (OPEC)."
And on the pricing of Iraqi oil, Al-Yasiri stressed, "The company adopts the most accurate standards that are commensurate with the quality and density of Iraqi oils," noting that "Iraq has a distinguished position in the oil markets and works to enhance that and fulfill its obligations towards the companies contracting with it in the global oil market."
The spokesman of the ministry, Assem Jihad, stressed that "dumping the world market with oil is not in the interest of producing countries and harms their economies and leads to instability and reflects negatively on the Iraqi economy, in addition to that it undermines development opportunities."
Jihad added, "Iraq is working to play a role in bringing the views of the producing countries closer in order to reach an agreement that restores the balance and stability of the oil market," stressing that "any price war to acquire the largest market share does not serve the interests of the producing countries." End 29 / 6 n
warned the Iraqi Oil Ministry, on Tuesday, of any price war to acquire the largest share in the oil market, while stressing that this does not serve the interests of the producing countries.
The ministry said in a statement received / Mawazine News / a copy of it, that "Prime Minister, Adel Abdul Mahdi, praised while attending the pricing meeting in the Oil Marketing Company, in the presence of the Deputy Prime Minister for Energy and Oil Minister Thamer Abbas Al-Ghadban, the Iraqi oil pricing mechanism implemented by the Ministry of Oil And its reliance on technical, scientific and realistic analysis, through careful monitoring of developments and fluctuations in the global oil market and the changes that occur to it. "
For his part, the Minister of Oil, Thamer Al-Ghadhban, stressed that the government and the ministry are keen on adopting accurate mechanisms in pricing Iraqi oil in a manner that guarantees achieving the highest financial revenues.
Al-Ghadban added, "The ministry deals realistically and wisely with the changes and makes contacts with OPEC member countries and outside them, with the aim of examining the mechanisms that can be adopted to put an end to the deterioration of oil prices in the global market and to put in place appropriate treatments for that."
For his part, Director General of the Oil Marketing Company, Alaa Al-Yasiri, said, "(SOMO) is following with interest the developments of the oil market and it is conducting extensive contacts with the governors of the Organization of Petroleum Exporting Countries (OPEC)."
And on the pricing of Iraqi oil, Al-Yasiri stressed, "The company adopts the most accurate standards that are commensurate with the quality and density of Iraqi oils," noting that "Iraq has a distinguished position in the oil markets and works to enhance that and fulfill its obligations towards the companies contracting with it in the global oil market."
The spokesman of the ministry, Assem Jihad, stressed that "dumping the world market with oil is not in the interest of producing countries and harms their economies and leads to instability and reflects negatively on the Iraqi economy, in addition to that it undermines development opportunities."
Jihad added, "Iraq is working to play a role in bringing the views of the producing countries closer in order to reach an agreement that restores the balance and stability of the oil market," stressing that "any price war to acquire the largest market share does not serve the interests of the producing countries." End 29 / 6 n
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