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)
Source: Reuters