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Thu, 09/21/2023 - 14:20
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PM Announces New Licensing Rounds For Gas Fields In Iraq That Will Be An Active Player In Global Markets

Baghdad / NINA / -The Prime Minister, Muhammad Shiaa Al-Sudani, announced new actual licensing rounds for gas fields in Iraq, which will be an active player in global markets.


Al-Sudani said, in an interview conducted with Bloomberg Channel, and paragraphs of which were published by the semi-official news agency (INA): “Iraq is committed to the agreements and understandings with OPEC and OPEC+ in a way that protects the interests of both producers and consumers,” pointing out that “Iraq has the ability to produce, but that will be in accordance with to this agreement.”


He added: "We have a decision to direct part of oil production towards operating refineries outside Iraq, and we had a presidential meeting with Bulgaria regarding that, as we have refineries in Bulgaria and others in China and Malaysia."


Regarding the price of a barrel of oil reaching $95, and the possibility of decline in the market, the Prime Minister said: “There is no concern, and we do not have a specific price, but we want to maintain a fixed level and a logical price that guarantees the interests of both producers and consumers, which is a level that does not decrease from 85 to 95 dollars per barrel,” stressing that “Iraq, Saudi Arabia, and Russia are committed to the voluntary reduction to achieve the goal that was agreed upon in OPEC.”


He pointed out that "Iraq's plan is ambitious for the optimal use of oil and gas. We have concluded a number of contracts for investing in associated gas, and there are fields that were announced through the sixth round of licenses that we obtained to invest in natural gas, and we have other actual licensing rounds for other gas fields in Iraq that will be an active player in the gas markets according to the visions we agreed upon within the Iraqi government.”


He explained that "the volume of production is actually linked to the policy that was agreed upon within OPEC, (capacity, potential, and projects)," stressing that "there is an OPEC policy that must be adhered to in order to achieve this balance between the interests of producers and consumers."/End