National oil policy achieves its objectives

Despite fluctuations in oil prices in world markets over the last four years, but the Iraqi government has succeeded in implementing the policy of guaranteed stability to local markets and overcome the financial crisis.

With the recovery of the oil market and the direction of the "OPEC" to address any shortage of processing, the economist Rahim al-Shammari told "Sabah" that "Iraq succeeded in following the policy of" give and take. "

Oil Minister Jabbar al-Allaibi had announced to" morning "days ago , To maintain the current oil production limits for three months, to survey developments at the international level as long as the market is relatively stable and tangible and the existence of improvement in oil prices.
Al-Shammari said: "The government has succeeded in a strategy that may be unique in the region, it has adhered to the decisions of OPEC, and at the same time went to the development of production and investment in the best way, but began to move towards manufacturing and production of giant factories to achieve self-sufficiency on oil products, as well as the investment and associated gas export Outside.

The expert expected that "the oil sector is witnessing a major development, especially with the aim of re-operation of Baiji refinery and the extension of oil and gas transmission lines to neighboring countries and Europe."

The Ministry of Oil announced on Monday, "a significant increase in the rate of exports and revenues from crude oil sales for the first half of this year 2018 compared to the first half of last year 2017."

"The total revenues for the first half of this year 2018 amounted to (40) billion and (345) million and (235) thousand dollars, while the revenues achieved for the first half of last year 2017 ( (272) billion and (642) million and (329) thousand dollars, "noting that" the total exports achieved for the first half of the current year 2018 also recorded an increase in the rates were (625) million and (193) thousand and (749) When it was in the year 2017 last (592) million and (439) thousand and (163) barrels. "

It also pointed out that the average selling price for the month of June 2018 has witnessed a rise compared to the month of June of last 2017, which amounted to (69,322) dollars per barrel, while the selling rate for 2017 (42,067) dollars a barrel, indicating that this will contribute to reducing the The proportion of deficit in the federal budget for the year 2018.

Article Credit:
Special Thanks to Charles Bright!!