Tag Archives | SOMO

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Oil Exports Down in August

By John Lee. Iraq’s State Oil Marketing Organization (SOMO) has said that oil exports amounted to 95.447 million barrels in August, which equates to 3.079 million barrels per day. According to a report from Shafaaq, this generated revenue of approximately $3.874 billion, at an average price of $40.59 per barrel. Exported from the southern port of […]

Iraq Increases Oil Prices

By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra and Kirkuk crude oil for September. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); […]

Erbil-Baghdad Agreement: Deal or No Deal?

By Mohammed A. Salih for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Erbil-Baghdad Oil Relations Swing between Deal, no Deal Encouraged by more international interest in purchasing its oil, coupled with the apparent failure of the federal Iraqi government to provide agreed-upon […]

Baghdad Cancels Ceyhan Oil Schedule

By John Lee. According to a report from Platts, 9 of the 14 tankers intending to load oil from Iraq’s State Oil Marketing Organization (SOMO) at the Turkish port of Ceyhan in June, have had their orders cancelled and have left the area. The remaining five are also cancelled but are still waiting, as they […]

Baghdad/Erbil Oil Agreement of Brink of Collapse

By John Lee. The agreement between the Kurdistan Regional Government (KRG) and the Iraqi central government agreement on budget and oil exports looks set to collapse. Kurdish MP Ardalan Nouraddin told BasNews that a new agreement will be signed, adding, “the details are yet to be revealed.” Under the December agreement, the KRG was to […]

Ceyhan Tanker Cancellations Increase

By John Lee. Oil firms expecting to load Kirkuk crude at the Turkish port of Ceyhan have had to cancel tankers, as the Kurdistan Regional Government ramps up independent oil sales at the expense of sales through the State Oil Marketing Organization (SOMO). According to a report from Reuters, tanker cancellations included Eni’s Seanostrum, Socar’s […]

KRG Slashes Oil Transfers to SOMO

By John Lee. The Kurdistan Region of Iraq has slashed its transfers of oil to the State Oil Marketing Organization (SOMO). According to the monthly report issued by the KRG’s Ministry of Natural Resources, the region supplied SOMO in Ceyhan with 149,778 barrels per day (bpd) in June, a drop of almost two thirds from […]

Ceyhan: Some Oil Cargoes Cancelled

By Simon Kent. Sources at Ceyhan have told Reuters that there is insufficient oil in the Iraqi State Oil Marketing Organization (SOMO) tanks at the port to fill planned cargoes. Both BP and Spain’s Cepsa have cancelled shipments, and no oil has gone to SOMO storage for the past ten days. According to sources, this […]