Government advisor: Iraq saved $7 billion by halting imports of oil derivatives
Government advisor: Iraq saved $7 billion by halting imports of oil derivatives
2025-11-05 00:14
Shafaq News – Baghdad
The financial and economic advisor to the Iraqi government, Mazhar Muhammad Saleh, revealed on Wednesday the financial and economic importance of the decision to stop importing oil derivatives.
The Iraqi government decided on Tuesday to stop importing gasoline, gas oil (kerosene), and white oil because local production of these fuels has reached quantities that exceed local consumption rates.
Saleh told Shafaq News Agency that “there are two important effects of the decision to stop importing oil derivatives. The first is the success of the import substitution policy for oil products, which saves more than $7 billion that will be added to the current account of the Iraqi balance of payments.”
He added that “the second is an important indication of the success of the policy of diversifying crude oil production, which maximizes the added value in the formation of Iraq’s gross domestic product by a percentage close to 3% and indicates a near future rise with the increase in the number of crude oil refining projects currently approved in southern Iraq and elsewhere, and it means success for the current government program within the scope of oil policy.”
On October 25, Prime Minister Mohammed Shia al-Sudani announced that his government had developed a plan to save the state treasury approximately $10 billion by halting imports of gasoline and oil derivatives after achieving self-sufficiency in their production within Iraq.
shafaq.com
