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Iraq to Increase Oil Sales to Asia in 2019 Allocation

Ministry of Oil releases 2019 oil sales allocation

The Iraqi Oil Ministry has released its 2019 allocation for global oil sales, with a greater share of sales allocated to Asian markets.

Iraq currently sells approximately 60% of its oil to Asia, with the 2019 allocation increasing this level to 67%. In addition to this, 20% will be sold to Europe with the remaining 13% going to North and South America. 

The allocation follows a statement by Iraq's State Oil Marketer SOMO earlier this year revealing that they would look to increase their market share in Asia, with a joint venture agreement with Chinese company Zhenhua Oil also agreed.

Iraq's oil sales for next year will include shipments from oilfields in Kirkuk, in addition to exports from the southern ports. 

Source: Reuters

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