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The Iraqi Ministry of Oil announces Iraq's intention to increase its oil production to achieve higher revenues to support the state treasury
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The Iraqi Ministry of Oil announced that Iraq intends to increase the financial value of its oil by increasing exports.
The official news agency quoted the Undersecretary for Extraction Affairs, Karim Hattab, as saying that "this increase aims to achieve the highest financial revenues for the state treasury because it is directly dependent on the revenues obtained from the sale of oil."
On the mechanism followed by "SOMO" in selling oil, he explained that it is through dealing with companies directly through letters and official e-mails, and does not deal with any intermediary companies. Europe and the United States ”.
The OPEC Plus coalition of oil-producing countries, led by Saudi Arabia and Russia, agreed at the beginning of this month to gradually increase crude production from next month, in light of an economic recovery thanks to vaccination campaigns against Covid-19.
The Kazakh Ministry of Energy said in a statement: “A collective decision was taken to increase the current production level of OPEC Plus countries in May by 350 thousand barrels per day,” the same amount in June and then by 450 thousand in July.
For his part, Saudi Energy Minister Abdulaziz bin Salman likened the current state of the oil market to a "rough sea."
"The global situation is far from homogeneous, and recovery is far from complete," he said.
The coalition, which includes 23 countries, is refraining from extracting about seven million barrels per day. In addition to this, the million barrels Riyadh cut in order not to flood the market with oil that it cannot absorb due to the economic damage caused by the Covid-19 epidemic.
[You must be registered and logged in to see this link.]
by [You must be registered and logged in to see this link.][You must be registered and logged in to see this link.]4 Hours ago
[You must be registered and logged in to see this image.]
The Iraqi Ministry of Oil announced that Iraq intends to increase the financial value of its oil by increasing exports.
The official news agency quoted the Undersecretary for Extraction Affairs, Karim Hattab, as saying that "this increase aims to achieve the highest financial revenues for the state treasury because it is directly dependent on the revenues obtained from the sale of oil."
On the mechanism followed by "SOMO" in selling oil, he explained that it is through dealing with companies directly through letters and official e-mails, and does not deal with any intermediary companies. Europe and the United States ”.
The OPEC Plus coalition of oil-producing countries, led by Saudi Arabia and Russia, agreed at the beginning of this month to gradually increase crude production from next month, in light of an economic recovery thanks to vaccination campaigns against Covid-19.
The Kazakh Ministry of Energy said in a statement: “A collective decision was taken to increase the current production level of OPEC Plus countries in May by 350 thousand barrels per day,” the same amount in June and then by 450 thousand in July.
For his part, Saudi Energy Minister Abdulaziz bin Salman likened the current state of the oil market to a "rough sea."
"The global situation is far from homogeneous, and recovery is far from complete," he said.
The coalition, which includes 23 countries, is refraining from extracting about seven million barrels per day. In addition to this, the million barrels Riyadh cut in order not to flood the market with oil that it cannot absorb due to the economic damage caused by the Covid-19 epidemic.
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