A governmental statement regarding Iraqi oil pricing

Baghdad-INA 

The Ministry of Oil confirmed, today, Thursday, that it and the Iraqi Oil Marketing Company have adopted the most accurate marketing standards to obtain the best prices for crude oil, in light of the challenges facing the global oil markets.

The Undersecretary for Liquidation and Distribution Affairs, Hamid Yunis, said during his presidency of the monthly pricing meeting for Iraqi crude oil, according to a statement of the Ministry of Oil received by the Iraqi News Agency (INA): “The ministry adopts the pricing of oils according to the prevailing transactions according to their quality, whether light, medium or heavy, and the degree of density and sulfur is approved.” And other materials," pointing out, "this was approved after a comprehensive review of the reports and monitoring processes of the relevant research departments in the ministry, SOMO and OPEC, and in line with the prevailing dealings in the oil market and its developments.".

The Undersecretary stressed "support for the OPEC Plus agreement, which contributes to achieving the required balance between supply and demand, and to the stability of global markets.".

The media office of the ministry stated, in the statement, that "it was decided at the meeting the monthly pricing of Iraqi oil, after reviewing and discussing technical and research reports in this field," adding, "The meeting was attended by the general manager of the SOMO Oil Marketing Company and the companies, departments and concerned authorities."