Tag Archives | SOMO

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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 […]

Iraq Petroleum Conference 2015 : a New Kind of Dialogue

By Madeleine White, capacity building specialist and co-founder of Nina Magazine For Arabic please go to arabic.nina-iraq.com It was the third and final day of last week’s Iraq Petroleum conference, hosted by CWC in London. It was breakfast time and I was just about to take a second bite of my croissant, when the guy next […]

Iraq hikes Price of Basra Heavy

By John Lee. Iraq has reportedly surprised traders in Asia with a sharp increase in the price of its new Basrah Heavy crude grade. Despite the grade selling at a sharp discount in the spot market last month, the State Oil Marketing Organization (SOMO) raised the Official Selling Price (OSP) for Basrah Heavy by 85 […]

Iraq Slashes Oil Output Targets

By John Lee. Reuters reports that Iraq has again reduced its oil production targets. Speaking at a conference in London, Falah Alamri, head of the State Oil Marketing Organization (SOMO), said Iraq now planned to produce 5.5-6.0 million bpd by 2020, down from the previously target of 8.4-9.0 million bpd. This would represent an increase […]

Basra Heavy Oil to Boost Exports

By John Lee. Oil Minister Adel Abdel Mahdi (pictured) has said that the new Basra Heavy crude oil grade will add an additional 100,000 bpd to oil exports this month. Reuters reports that the new grade has allowed Iraq to revive some fields that it had previously shut down to maintain the quality of its […]

Indian Refiners in Talks with SOMO

By John Lee. Indian state refiners Indian Oil Corporation and Hindustan Petroleum Corporation are holding talks with Iraq’s State Oil Marketing Organization (SOMO) to buy 4 million barrels of Basra light crude oil for India’s strategic petroleum reserves (SPRs). Bombay Stock Exchange had sought clarification from Hindustan Petroleum following press reports; Hindustan subsequently confirmed the […]

Oil Revenues hit $5bn in May

By John Lee. Iraq exported an estimated 97 million barrels of oil in May through the State Oil Marketing Organization (SOMO), giving a daily rate of 3.13 million bpd. Early statistics indicate that this brought in revenues of $5 billion (6 trillion Iraqi dinars), equating to about $51.5 per barrel. (Sources: AIN)