March 1, 2024 12:19 pm

Major oil producing country to cut imports of petroleum products — RT Business News

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Iraq is planning to halt imports of petroleum products as soon as in 2024 after launching a number of oil refineries, which were stalled during decades of military conflict, according to Oil Ministry spokesman Asim Jihad, as cited by RIA Novosti.

The Middle Eastern nation has been purchasing oil products, such as reformulated gasoline, from international markets to compensate for energy shortages.

“In 2024, Iraq will rely on domestic production more, and after a number of refineries start production, there will be a reduction in the volume of petroleum product imports until they are completely ceased,” the official said.

In October, Iraqi Prime Minister Mohammed Shia Al Sudani said the authorities had set a deadline of January 2024 for international energy companies to submit formal letters of intent to take part in new licensing rounds.

Earlier, the prime minister stated that the government was working to improve the production capacities of oil refineries across the country to completely eliminate imports of petroleum products.

Despite its immense oil and gas reserves, Iraq, the world’s fifth largest oil producer, has remained dependent on imports to meet demand. Ravaged by decades of conflict, the country’s crumbling infrastructure and endemic corruption have obstructed reconstruction efforts.

Earlier this week, the energy authorities reported over $97 billion in 2023 oil revenues – a decline compared to 2022’s record-setting $115 billion.

Iraq sold over 108 million barrels of oil in December alone, averaging 3.4 million barrels per day at an average rate of around $77 per barrel. The sales brought in a total revenue of $8.3 million for the last month of 2023.

For more stories on economy & finance visit RT’s business section

You can share this story on social media:

Source link

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Original Source: Major oil producing country to cut imports of petroleum products — RT Business News

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Let’s not lose touch…Your Government and Big Tech are actively trying to censor the information reported by The ANR to serve their own needs. Subscribe now to make sure you receive the latest uncensored news in your inbox…

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Discover more from ANR

Subscribe now to keep reading and get access to the full archive.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8