Iraq must market its oil aggressively, Adnan Janabi, chairman of the oil and gas committee in Iraq's parliament, said Tuesday, highlighting the challenge increasing supply and lackluster demand present to Iraq in coming years.
Iraq
must
market its oil aggressively, Adnan Janabi, chairman of the oil and gas
committee in
Iraq
's
parliament, said Tuesday, highlighting the challenge increasing supply and
lackluster demand present to
Iraq
in
coming years.
"We should follow national policy to serve the interest of
Iraq
. That
means that really we should enter the markets aggressively," he said.
Speaking at a conference in
London
, Mr.
Janabi highlighted the challenges
Iraq
could
face in the coming years if expected increases in non-conventional oil
production are realised and demand for oil misses forecasts and warned it
should watch the market carefully as it increases production.
"One of the most important things we should be looking for in
Iraq
is a
real serious view of how we look at the marketing strategy of this crude coming
into the market," Mr. Janabi said.
He suggested the country should follow a combination of policies; aggressively
marketing its oil and seeking to diversify the quality of oil it offers as well
as seeking joint interest in refineries.
He added that in the long run
Iraq
should look to build some spare capacity in order to be able to stabilize
prices and increase the flexibility of supply.
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