- Oman-UAE Relations Deteriorate; Muscat Warns Against Testing Patience
- Is Saudi-UAE Alliance Working to Weaken the Gulf Cooperation Council?
OPEC is an intergovernmental Organisation of oil-producing developing nations. OPEC nations share around 81.5% of the world’s crude oil reserves. The Middle East accounts for about 65.5% of the OPEC total. OPEC nations include Algeria, Angola, Ecuador, Gabon, Iraq, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, Equatorial Guinea, United Arab Emirates and Venezuela.
Iraq to Have Own Fleet of Carriers
At present Iraq sells its oil and related products on ‘free on board basis.’ Under this scheme, Iraq has to bear the costs of transportation and loading to the shipment of the port. After having its own fleet Iraq will be able to monitor its exports better.
The government-owned Iraq Oil Tanker Company has finalized deals with an Iraqi Shipping Company. The Al-Iraqia Shipping Services and Oil Trading, the Shipping Company will help build the fleet and train the staff. This firm is a joint venture of IOTC and Arab Maritime Transport Petroleum Company. It’s been set up to facilitate the industry and government in Iraq.
The Iraqi Company plans to buy second-hand tankers and order new ones in the meantime. Iraq might end up buying as much as 40-50 very large crude oil carriers. This would boost Iraq’s exports and profits made from the crude oil.
Other Stories at EurAsian Times
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- Indian Railways Ranked No.1 in the World for Unpunctuality
- Saudi Arabia’s Crown Prince Mohammed Bin Salman Critically Injured or Dead?
- Best Friends India-Israel Relations in Trouble Over Iranian Nuclear Deal?
- Al-Jazeera Criticises NYT Editorial on Kashmir, Kashmiri Pandits Ask Counter Questions