| Welcome to Global Village Space

Saturday, April 13, 2024

Iraqi PM Announces Plan for Oil Self-Sufficiency Within Two Months

Iraqi Prime Minister pledges official oil self-sufficiency within two months, aiming to save $3.2 billion by ceasing imports, emphasizing economic reform and highlighting the reopening of Karbala and Baiji refineries.

Iraqi Prime Minister Mohammed Shia al-Sudani has affirmed that his country would officially declare oil self-sufficiency within two months, thereby ceasing imports.

“Within two months, we will officially announce oil self-sufficiency and halt imports, saving $3.2 billion,” al-Sudani said in the capital Baghdad during Al-Rafidain Dialogue Forum 2024 on Sunday, according to a statement by the Prime Ministry Media Office.

Al-Sudani emphasized that “the economic reform tops the government program’s priorities,” the statement added.

Read More: Deadly Fire Erupts at Retirement Home in Northwestern Germany

The prime minister further stressed: “Real reform means saving in oil derivatives, which consume billions. This was achieved with the opening of the Karbala refinery and the Baiji refinery, which had been inactive since 2014.”

Iraq produces over 4 million barrels of crude oil per day while importing around 25 million liters of gas oil, gasoline, natural gas, and white oil daily.