Iraq’s oil ministry on Monday said the nation would reduce its petroleum products imports by 25 percent as crude oil refineries are being rehabilitated following fighting with Islamic State militants. Iraq is also producing more oil products by processing natural gas liquids, Oil Minister Jabar al-Luaibi said in a statement, without indicating a specific timeframe for the import cuts. Iraq is OPEC’s second-largest oil producer after Saudi Arabia. Its refining capacity was curtailed when Islamic State militants overran Baiji, north of Baghdad, in 2014. The country now relies mainly on the Dora refinery, in Baghdad, and the southern Shuaiba plant.

Source: Egypt Independent March 12, 2018 10:41 UTC