The Oil Marketing Committee headed by the Prime Minister discusses the situation of the oil sector and the reliable role in making the recovery year a success

The Supreme Committee for Oil Marketing, in its meeting today headed by Prime Minister Dr. Maeen Abdul-Malik, discussed the current situation of the oil sector, visions and proposals to overcome and address current challenges, and the efforts made by the Ministry of Oil and Minerals in this aspect, in a way that contributes to the success of the year of recovery and improvement of the economic situation.

The Prime Minister stressed the importance of joining efforts to achieve economic recovery by developing and reforming the performance of the productive and exploration sectors in the oil field, noting the efforts made by the Ministry of Oil and Minerals and the government’s support for its development plans to ensure the utilization of the capabilities available in this vital sector, which is an important tributary of the economy. He directed the preparation of diagnostic reports on the current situation of the oil sector and the proposed urgent remedies to raise the level of production and address the existing challenges.

Minister of Oil and Minerals, Abdul Salam Baaboud, presented a brief report on the ministry’s visions and plans to develop the oil sectors, including the challenges posed by the global oil price declines, stressing the keenness to ensure the regularity of the Supreme Committee for Oil Marketing to carry out its duties.

Minister Baaboud touched on the existing projects on the oil side, including the final works to complete the completion of the new pipeline that extends from the Jannat Hunt sector to the west of Ayyad, at a length of 82 km and at a cost of $ 54 million, and the completion rate in it reached about 98%, pointing to the existing needs to expand storage capacity in Al-Nashima port and maintenance of transport pipelines, in addition to issues related to the allocations and budgets of oil companies.
The Supreme Committee reviewed the report of the Technical Committee on the level of accomplishment of its tasks, and developments in the oil market during 2020 and January 2021.