Former Parliament Rapporteur Mohammed Othman Al-Khalidi said on Saturday that Iraq has now effectively joined the group of countries that are self-sufficient in oil derivatives. He noted that this is a major shift, especially since Iraq used to spend around 6 trillion dinars every year to import these products.
Al-Khalidi told dinaropinions.com that the latest data from the oil sector clearly shows Iraq has reached self-sufficiency in key products like gasoline. He said that despite recent talk about a fuel crisis, the situation has been blown out of proportion.
He explained that after speaking with officials in the Ministry of Oil and the Oil Products Company, it became clear that some groups are trying to spread panic for their own purposes. In reality, he said, there is no shortage — Iraq has plenty of supply and a strong reserve.
Al-Khalidi added that reaching self-sufficiency will cut down the massive import bill Iraq used to pay. Those 6 trillion dinars can now be redirected to important sectors like health, education, roads, and water services.
He described this development as a major step forward for the Iraqi economy and said it will ease the pressure caused by using hard currency for imports. According to him, this shift will help the government deliver better basic services to citizens.
