By John Lee.
The head of the State Oil Marketing Organization (SOMO) has reportedly suggested that Iraq is interested in creating an oil price hedging program that would lock in prices for future trades far in advance.
Falah Al Amri is quoted as saying:
“We will not rush. This is a long process … We must make sure we do not lose money. You know the Iraqi parliament, it would not accept that.
“Transforming SOMO is unstoppable. It will do more than just market Iraqi crude.”
(Sources: Bloomberg, OilPrice)