Baghdad: The Cabinet discussed a series of decisions and actions approved by the Ministerial Council for the Economy, focusing on maximizing revenues, cutting expenditures, and enhancing the national economy across several sectors.

According to National Iraqi News Agency, during its regular session, the Cabinet endorsed the recommendation of the Ministerial Council for the Economy concerning subsidies for petroleum products. Key measures include mandating the Ministry of Oil to export a minimum of 75% of domestically produced fuel oil, which is expected to reach 1.1 million barrels per day this year. Additionally, the Ministry is tasked with exporting refined petroleum products based on the available surplus.

The Cabinet also highlighted the obligation of the Ministries of Electricity and Oil to install calibration meters at power generation unit feed-in points, ensuring that received quantities align with electricity production. Furthermore, the Ministry of Electricity is directed to transition power plants from crude oil to more efficient petroleum derivatives.

Under the new measures, fuel oil will be supplied to bunker fuel plants at a rate 20% below the international price and to cement plants at 60% below the international price. The standardized price for naphtha supplied to hydrotreating plants will be set at 40% of the international price. Moreover, approvals for constructing new plants reliant on petroleum derivatives as raw materials will be suspended for five years, and security forces will intensify efforts to prevent the smuggling of petroleum derivatives and other products.