Iraq: World Iraqi Oil Minister Reverses NOC Decree to Take Ownership of State Oil Firms

Oct 21, 2018 | Kurdistan 24
View Original

Iraq’s Oil Minister, Jabar al-Luaibi, reversed his decision to transfer the ownership of nine state-owned oil companies from the ministry to the newly formed National Oil Company after opposition from Iraq’s Prime Minister-designate, the ministry confirmed on Saturday. In an interview with state media, Luaibi stated that Iraq hopes to produce seven million barrels of oil per day (bpd) through the National Oil Company and export four million bpd in 2019.