Reuters: Iraq plans to boost oil to capture a greater share of the Asian market
Reuters: Iraq plans to boost oil to capture a greater share of the Asian market
Thursday, October 17, 2013 14:16
Baghdad / Baghdadi news / .. According to the Reuters news agency on Thursday that Iraq plans to boost oil export capacity significantly by the end of the first quarter of next year, an elevator competition with Saudi Arabia, the largest oil exporter in the world, with the aim of acquiring a larger share in the Asian market.
The agency said in a report seen by / Baghdadi News / “Iraq is planning to strengthen the capacity of the export of oil dramatically by the end of the first quarter of next year, an elevator competition with Saudi Arabia, the largest oil exporter in the world, in order to acquire a larger share in the market of Asia’s growing.”
She added that “Iraq appeal to Asian customers by facilitating the payment terms, to attract buyers with the resurrection of increasing oil production after years of wars, but problems related to infrastructure and security hamper efforts to keep the regular levels of production and exports,” ..
The Deputy Prime Minister for Energy Affairs Hussain al-Shahristani, announced on Wednesday, said Iraq aims to increase oil export capacity to four million barrels per day by the end of the first quarter of next year.
Shahristani said on the sidelines of the World Energy in South Korea, that Iraq is currently producing up to 3.3 million barrels per day of crude and perhaps touching 3.5 million barrels per day by the end of the year, and issued the country is now 2.5 million barrels per day of production, and moving 60% of those quantities to Asia, while moving 20% of them to the U.S. ma
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