Home > IRQ, WORLD > Iraq to dominate world oil policy, says deputy prime minster

Iraq to dominate world oil policy, says deputy prime minster

December 30, 2010

The following article is from Iraqi newspaper Azzaman.

Iraq to dominate world oil policy, says deputy prime minster
©  Azzaman
By Laith Jawad
December 29, 2010

Iraq will steer world oil policy once the deals it has signed with foreign firms are implemented, said Deputy Prime Minister for Energy Affairs Hussein Shahristani.

“Iraq will be at the forefront of oil-producing countries in the world… and in six-years’ time the country’s output should skyrocket to between 11-12 million barrels a day,” Shahristani said.

Shahristani, a former oil minister, assumed his new post only recently. In his new position, he emerges as the country’s most powerful official in all matters related to energy, including Iraq’s massive oil and gas riches.

Iraq has signed deals with foreign oil majors for the development of almost all its known oil fields, some of them believed to be among the largest in the world.

“The deals we have signed with international oil firms are among the best one can get,” he said.

“Iraq shall dominate international oil policy in terms of distribution, prices and marketing,” he added.

Shahristani made the remarks in a ceremony marking the installation of Abdulkarim al-Aibi as the new oil minister.

Aibi said Iraq has recently increased its oil output to more than 2.6 million barrels a day.

[End.]

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