Oil identifies three global markets that import Iraqi exports the most

  • 12-04-2024, 20:00
  • +A -A

    Baghdad - INA

    The Ministry of Oil clarified today, Friday, the annual and monthly export mechanism and the price of a barrel, while identifying the global markets that import the most exports.

    Ministry spokesman Assem Jihad told the Iraqi News Agency (INA): “At the beginning of each year, the Ministry of Oil holds a meeting that includes the relevant authorities, including officials from the Minister of Oil, agents and others, to allocate the quantities expected to be exported for the year, as well as allocate and market it to the companies that are generally dealt with.” ".

    Jihad added, “There is a monthly meeting also held under the chairmanship of the Minister of Oil, the agents and officials of the relevant departments at the Ministry’s headquarters, as well as officials in the Iraqi Oil Marketing Company, during which Iraqi oil is priced and the quantities allocated for export for the month in question,” indicating that “the meeting is held after reviewing the oil markets.” As well as reports on oil market developments, oil is therefore priced according to the quality and market to which it is offered.”

    He continued, "Iraqi oil is marketed to a number of markets, including the Asian market, which has the largest share as it is a promising and close market and thus achieves the highest revenues through that, in addition to contracts with companies in the European or American markets."

    He pointed out that "the monthly pricing process takes place, as we mentioned, after an extensive meeting at the highest levels, in which Iraqi oil is priced according to the quality and density of the oil," adding that "there is a shortage of types sold in global oil markets, so oil is priced according to the Brent price."

    It is clear that “the Ministry has the allocation of quantities and rates of oil daily, and therefore these quantities that are exported are allocated for contracting with international companies approved by the Iraqi Ministry of Oil,” pointing out that “the Ministry of Oil is committed to production quantities or to the OPEC Plus agreement regarding the production reduction agreement.” Also, commitment to the quantities of oil exported, and therefore the quantities exported are clear and announced by the Ministry, as well as the specific production quantities.”

    He stated that "the Ministry is also committed to disclosing production quantities and export quantities."