Baghdad The Ministry of Oil confirmed its adoption by the Iraqi Oil Marketing Company of the most accurate marketing standards to obtain the best prices for crude oil, in light of the challenges facing the global oil markets.
The Undersecretary of the Ministry for Liquidation and Distribution Affairs, Hamid Yunis, said during his presidency of the meeting of the monthly pricing of Iraqi crude oil, according to a statement by the Ministry of Oil: “The Ministry adopts the pricing of oils according to the prevailing transactions according to their quality, whether light, medium or heavy, and the degree of density, sulfur and other materials, referring to approval This is after a comprehensive review of the reports and monitoring processes of the concerned research departments in the ministry, SOMO and OPEC, and in line with the prevailing dealings in the oil market and its developments.
The Undersecretary stressed “support for the OPEC Plus agreement, which contributes to achieving the required balance between supply and demand, and to the stability of global markets.”
It was decided at the meeting, according to the statement, to adopt the monthly Iraqi oil price, after reviewing and discussing technical and research reports in this field.
Source: National Iraqi News Agency