Tag Archives | State Oil Marketing Organization

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 […]

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)

Kurdistan Oil Production at Record Levels

According to the April 2015 report published by the Kurdistan Regional Government, KRG, Ministry of Natural Resources, KRG commitments under the 2015 Federal Budget Law have been met, and oil production has reached record levels. According to an agreement on oil export and budget, reached last December between the KRG and the Federal Government of […]

Increased Basra Heavy Oil Volumes

By John Lee. A report from Argus claims that Iraq has scheduled greater-than-expected initial volumes of its new Basra Heavy crude oil grade. The State Oil Marketing Organization (SOMO) plans to load more than 1.2 million bpd of Basra Heavy in June, boosting total Iraqi sales from its southern export terminals to a record high […]