Oil Minister: Iraq needs a barrel price of $ 55-60 to pay financially

Iraq needs oil prices ranging from $ 55-60 to self-sufficiency and better financial status, Oil Minister Jabbar Laibi said on Wednesday, pointing out that the country aims to develop oil industries.

"Iraq is aiming to develop the oil industry through the national effort and with the participation of the world's solid investment," he said.

He added that "the disadvantage", "The ministry is seeking to develop the oil and gas industry in Iraq through the strategic plans developed and working to implement them through the national effort or cooperation with companies to rehabilitate and develop oil fields produced in the country," as well as "conducting geological survey to detect reservoirs Oil and gas ".

He continued, "the disadvantage", "The Ministry attaches great importance to the optimal investment of gas associated with oil operations and petrochemical industries and the upgrading of infrastructure."

"Iraq is in a dialogue with producers inside and outside OPEC to find appropriate solutions to confront the oil supply gap and the challenges facing the oil market," he said.

In his comment on the relationship between the federal government and the Kurdistan Regional Government, he stressed that "the door of dialogue is open with the region to discuss all the outstanding problems according to the principle that national wealth belongs to all Iraqis and that the preservation and development of it is the responsibility of everyone and we must put the national interest and preserve the national wealth above Every consideration ".