Oil minister affirms work to achieve the highest financial revenues

Baghdad-INA
The Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghanni, affirmed on Wednesday, working to achieve the highest financial revenues by marketing and exporting crude oil in support of the federal budget.

Abdul Ghani said, while presiding over the monthly meeting of the pricing of Iraqi crude oil for global markets, according to a statement by the media office of the Ministry of Oil, received by the Iraqi News Agency (INA), that "Iraq is keen to deal realistically with the challenges facing the global oil market."

The statement added "Iraq respects the (OPEC Plus) agreement in achieving balance and stability for the global market," noting that "Iraq's policy aims to raise the value or financial return of a barrel of oil in a way that achieve the wishes of producers and consumers."

It continued, "We are working to achieve the highest financial revenues through the marketing and export of crude oil in support of the federal budget," noting 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."

It pointed out that "the financial revenues of crude oil constitute 95 percent of the federal budget," noting that "the pricing meeting in the presence of the minister, agents and general managers of the departments and companies concerned confirms the ministry's approach to the importance of dialogue and deliberation about collective decision-making on issues and topics related to the economy and the lives of citizens."


The minister stressed the adoption of the most accurate standards of transparency in the marketing of Iraqi oil and the revenues generated and cooperation with Transparency International, explaining that "determining the marketing price of Iraqi oil is carried out on a monthly basis, after studying and reviewing reports, research and challenges surrounding global markets."