Iraq to Increase Oil Share to Asia in 2019

By John Lee.

Iraq has allocated 67 percent of its oil exports for 2019 to Asia, with 20 percent going to the Europe and 13 percent to the United States (or to according to Reuters, to North and South America).

In a statement, the Ministry of Oil said the allocation was made based on the importance of each market in terms of the volume of demand, and the price per barrel.

It added that Oil Minister Thamer al-Ghadhban directed a balanced policy in dealings with the global oil market, to maintain the stability of the markets and to achieve the best interest of Iraq’s economy.

Reuters reports that Asia received around 60 percent of Iraq’s oil exports in March 2018.

(Sources: Ministry of Oil, Reuters)