Iraq in advanced talks to build oil storage in China, says oil minister
"Iraq is also discussing plans proposed by Pakistan for building crude oil storage facilities," Iraq's Oil Minister Ihsan Abdul Jabbar told Reuters by telephone.
Energy News Beat Publishers Note: This is only one small part of Iraq, Iran, and Russia’s overproduction and involvement outside OPEC + agreements. OPEC and OPEC + cannot keep their members in line with production quotas. Now China is throwing Iraq a bone to help build storage facilities to hold more Iraq oil. This is tied to Iraq’s lack of cash flow.
BAGHDAD: Iraq is in advanced talks with state-run Chinese companies to discuss building crude oil storage facilities in China as part a plan to boost oil sales to Asia, Iraq’s oil minister told Reuters.
“Iraq is also discussing plans proposed by Pakistan for building crude oil storage facilities,” Iraq’s Oil Minister Ihsan Abdul Jabbar told Reuters by telephone.
Iraq’s oil ministry has further plans to build storage facilities in some other states to “serve Iraq’s interests in marketing its oil”, Abdul Jabbar said. (Reporting by Ahmed Rasheed Editing by Raissa Kasolowsky)
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
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