The Ministry of Oil confirmed its keenness to adopt the technical and economic standards in the mechanism of marketing crude oil to international markets and to achieve the highest revenues.
The official spokesman of the ministry Assem Jihad that the ministry approved the allocation of quantities for the new contracts for companies buying Basra crude oil light and heavy and Kirkuk crude oil for the year 2019, adding that the foundations and mechanisms of marketing and economic and strategic vision adopted by the oil marketing company (SOMO) The allocation of the quantities available for export according to the importance of each market in terms of the volume of demand and the financial return achieved to sell a barrel. Pointing out that the Deputy Prime Minister for Energy and Minister of Oil Thamer Abbas Ghadhban directed a balanced policy in its dealings with the global oil market, to maintain the stability of markets and to ensure and achieve the interest of Iraq's economic
Jihad pointed out that the ministry has set the rates of the major international markets of exports of Iraqi crude oil. The percentage of the total quantities of the total quantities planned for export next year 2019 for the Asian market (67%) and the European market (20%) and the US market (13%).
The oil marketing company (SOMO) relies on a set of criteria in the allocation of their contractual quantities to companies buying Iraqi crude oil.
Source: Ministry of Oil
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