Minister of Oil for Al-Mirbad: The average price of a barrel of Iraqi oil is currently $ 20
The Minister of Oil, Thamer Al-Ghadban, revealed the price of a barrel of international and Iraqi oil at the present time. While he indicated that Iraq sells its oil at two different prices on the European and Eastern markets, he indicated that the average price of a barrel is currently about 20 countries, and in detail.
Al-Ghadban said in an exclusive meeting with Al-Mirbad that the problem lies not only in the current price drop, but also in the fluctuation in the price over moments. At one price, it sells to the European market at a price of 4 Brent oil rate (for example, the average price of Brent oil during 5 days is $ 25, then the price of Iraq’s oil for the next month is $ 21). Other factors are also included in the price, such as the dimension and others.
He continued, as for the price at which Iraq sells to countries in East and Southeast Asia (such as China, Japan, South Korea and India), it is calculated according to the formula for the total oil of the Emirates and Oman divided by 2 and in many cases, a certain number is added to it as two dollars, for example, to produce the final price per barrel indicating that the price is determined About two weeks before the sale, but the actual rate is determined when the sale is completed, taking into account the average of days or the month rate.
He stressed that the average price of a barrel of Iraqi oil currently stands at $ 20, as 70% of the country’s exports go east, which is the best in terms of price, he said. Source