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Iraqi Oil Minister: We are working to achieve the highest financial revenues through the marketing and export of crude
Shafaq News/ Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani affirmed on Wednesday, Iraq's keenness to deal realistically with the challenges facing the global oil market.
This came in his speech during the meeting of the pricing of Iraqi crude oil for global markets, which is held monthly at the Ministry's headquarters.
At the meeting, the minister said that Iraq respects the (OPEC Plus) agreement in achieving balance and stability for the global market, stressing that Iraq's policy aims to raise the value or financial return of a barrel of oil in a way that fulfills the wishes of producers and consumers.
And he added, "We are working to achieve the highest financial revenues through the marketing and export of crude oil in support of the federal budget."
Abdul-Ghani also indicated that Iraq is a founding country of the organization and the second largest producer that works to bring the views of the members closer, in order to achieve the producers' goals in stabilizing the global market, stressing that the financial revenues of crude oil constitute 95 percent of the federal budget.
The Minister stressed the adoption of the most accurate standards of transparency in the marketing of Iraqi oil, the revenues generated, and cooperation with Transparency International.
He continued by saying that the marketing price of Iraqi oil is determined on a monthly basis, after studying and reviewing reports, research and challenges surrounding global markets.
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This came in his speech during the meeting of the pricing of Iraqi crude oil for global markets, which is held monthly at the Ministry's headquarters.
At the meeting, the minister said that Iraq respects the (OPEC Plus) agreement in achieving balance and stability for the global market, stressing that Iraq's policy aims to raise the value or financial return of a barrel of oil in a way that fulfills the wishes of producers and consumers.
And he added, "We are working to achieve the highest financial revenues through the marketing and export of crude oil in support of the federal budget."
Abdul-Ghani also indicated that Iraq is a founding country of the organization and the second largest producer that works to bring the views of the members closer, in order to achieve the producers' goals in stabilizing the global market, stressing that the financial revenues of crude oil constitute 95 percent of the federal budget.
The Minister stressed the adoption of the most accurate standards of transparency in the marketing of Iraqi oil, the revenues generated, and cooperation with Transparency International.
He continued by saying that the marketing price of Iraqi oil is determined on a monthly basis, after studying and reviewing reports, research and challenges surrounding global markets.
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