SOMO: Positive responses from foreign companies to increase Iraqi oil sales in Europe

Economy
  • 22-06-2022, 13:05
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    BAGHDAD-INA

    State Organization for Marketing of Oil (SOMO) of the Ministry of Oil announced Wednesday a movement to increase Iraqi oil sales in the European market, while indicating Iraq's ability to cover the needs of this market.

     The director of the company, Alaa Khader Al-Yasiri, told the Iraqi News Agency (INA), that "SOMO has effective contracts for the supply of oil with European companies with a total quantity of about 600 thousand barrels per day of Basra Medium, Basra Heavy and Kirkuk crude oil," noting that "these companies have a total liquidation capacity of about 60% of the total liquidation capacity in the continent of Europe.”

     He added that "Somo Company is constantly searching for available opportunities for marketing and approaching European companies that do not have contracts with them," noting that "it has recently received a number of positive responses from some companies that may lead to new contracts and lead to an increase in Iraqi oil sales in the European market."  

     He pointed out that "Iraq is able to cover the European market," noting that "the current situation in this market requires companies to find suitable oils that are not subject to international sanctions, as Basra crude oil is one of those suitable oils."

    Al-Yasiri pointed out that "Iraq is committed to the decisions of the Organization of the Petroleum Exporting Countries, which always aims to strive for the stability of global oil markets and the balance of supply and demand," noting that "any quantities that are allocated to a specific market are within the agreed production ceiling."

    He indicated that "the Oil Marketing Company adopts a mechanism for the official price announced to all markets in selling quantities of oil, and this price is determined for each market and for each type of oil on a monthly basis according to the data and variables of the global oil markets, and this is a continuous context in which to work."