ENERGY

Iraq allocates 67 percent of oil sales in 2019 to Asia

Iraq oil field near Basra. (Reuters)

Iraq has allocated its oil sales for 2019, with 67 percent of exports going to Asian markets, 20 percent to the Europe and 13 percent to North and South America, the oil ministry said on Tuesday.

Iraq's 2019 oil sales will include shipments from the southern oilfields and Kirkuk, the ministry said in a statement.

Oil Minister Thamer Ghadban urged the adoption of a “balanced policy” when dealing with the global oil market and said Iraq's 2019 sales were aimed at maintaining stability.

“The economic and marketing basis and mechanisms, and strategic vision, adopted by (state oil marketer) SOMO in allocating the available quantities for exports are based upon the importance of each market with regards to demand and revenue generated from selling one barrel,” said Asim Jihad, a ministry spokesman.

The head of state-oil marketer SOMO said in March that Iraq would seek to corner a greater share of Asian markets through a new joint venture strategy. Around 60 percent of Iraq’s oil exports are already directed to Asia, he said at the time.

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Last Update: Tuesday, 27 November 2018 KSA 16:56 - GMT 13:56
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