By John Lee. Platts reports that Iraq plans to export an average of 3.28 million barrels per day (bpd) of crude oil in October, a rise of 23,000 bpd from the previous month. It cites data from the State Oil Marketing Organization (SOMO) showing planned export volumes of 80.68 million barrels (2.6 million bpd) of […]
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra and Kirkuk crude oil for March. 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); […]
By John Lee. Iraq's oil exports for September fell to an average of 3.052 million barrels per day (bpd), down from 3.078 million bpd in August, according to a report from Reuters. Of this quantity, 3.03 million bpd were from the southern ports, with only 22,000 bpd from the north of the country via the […]
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 […]
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); […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
