Iraq prefers East Asia over the world by selling its oil... and the reason was revealed

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[size=52]Iraq prefers East Asia over the world by selling its oil... and the reason was revealed[/size]

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The current advisor to the Prime Minister, Falah Al-Amiri, revealed that the East Asian market is the best importing market for Iraqi oil, calling on Baghdad and Erbil to accelerate the implementation of gas burning programs and adopt renewable energy.
Al-Amiri said, in a press statement, “We do not have dealings with all international companies, and we are trying to balance the markets, and the eastern market is considered one of the best markets for Iraq and generates the largest revenues from it,” praising the work of the Sumo Company, which is characterized by transparency and respect by customers.
He stated, “The reason behind the stability of the eastern market is that they are economically emerging countries that need huge amounts of oil and at the same time have a large population, which justifies their need for energy. We have a long vision on how to market Iraqi oil, maintain this market, monitor the imbalance, and address it afterward.” Statement of reasons.
He explained, “The remaining thirty percent of the exported quantities of Iraqi oil are distributed between America and Europe. The American market’s export rate ranges between 10-30% according to market requirements, in addition to the fact that each market has a different price from the other.”
Al-Amiri pointed out that “the oils sold daily, such as Brent and WTI, are the Iraqi pricing reference, and they are light oils and not sour, unlike Iraq, whose oil is acidic, meaning it contains a high sulfur percentage of up to 2.5%.” For example, Qayyarah oil is heavy and gasoline is not extracted from it much, so its price is lower. “Countries have begun to focus on light oils at the present time.”
Regarding the reason for the lack of a specific index for Iraqi oil, such as the oil of the Sultanate of Oman or Dubai, the former director of SOMO answered, “The reason is that Iraq does not sell oil daily, but rather it is allocated, and we do not have a market to sell our oil daily because the global markets reject it as it is government oil, and it is not Free oil because there is a possibility that the government or ministry will intervene and change the price. Standards in global markets do not accept that. I have worked on this aspect in order for us to be a signal oil, and this requires releasing a portion of the quantity of oil to be sold daily, and we can sell a portion of our oil daily after obtaining approvals. Therefore, the importing markets will take its signal oil as Brent. “Every shipment is different from the other and has its own circumstances, and here lies the transparency.”[/size]
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