"Sumo Iraq": a strategy to contract with Asian customers on oil projects

by **Rocky** Sun 18 Mar 2018, 7:43 am

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"Sumo Iraq": a strategy to contract with Asian customers on oil projects

by Rocky Sun 18 Mar 2018, 7:43 am

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2018/03/18 14:56

(Encyclopedia of this Day News | [You must be registered and logged in to see this link.] ) - Direct: The head of the Iraqi Oil Marketing Company (SOMO), said that the new strategy of the company of the Iraqi Oil Ministry, aimed at the conclusion of projects in partnership with clients from China, India and Korea, to strengthen the presence of (SOMO) on the continent.

During this month, the company stopped the experience of informing Asian customers of their supply of Iraqi crude oil six weeks before loading and that it would resume normal loading schedule for Basrah crude for Asian customers with one month prior notice.

Alaa al-Yasiri said on Sunday that oil prices will remain stable at current levels throughout the year, linking the stability of oil prices and the cessation of political stability in the region, according to (Reuters).

Iraqi Oil Minister Jabbar al-Luaibi expressed his optimism about the expected balance between supply and demand for crude during the first quarter of 2018, leading to the strengthening of oil prices.

Iraq's exports of crude oil in February fell to 95.94 million barrels, with revenues of $ 5.77 billion, exporting more than 95.94 million barrels, with a daily average of 3.43 million barrels.

By the end of last year, Iraq had achieved revenues from oil exports worth nearly 60 billion dollars (71.2 trillion dinars), with total exports of 1.21 billion barrels, through 44 international companies.

The daily export rate in Iraq was 3.25 million barrels, with a monthly average of 100.63 million barrels.

The Iraqi parliament approved the budget of 2018, including revenues of 91.64 trillion dinars, with the calculation of the approximate returns of Iraqi oil exports, based on the average price of $ 46 per barrel, and the export rate of 3.89 million barrels per day, including 250 thousand barrels per day from the Kurdistan region.

The declaration of Iraq's commitment to the agreement of the Organization of Petroleum Exporting Countries (OPEC), to extend the agreement to reduce oil production until the end of 2018.

The latest OPEC report said that eight countries had cut their daily production of oil in February 2018.

The Venezuelan state led the countries with reduced production by 52.4 thousand barrels per day, followed by the UAE with 34.3 thousand barrels, followed by Iraq by 25.5%, followed by Gabon with 9.1 thousand barrels per day.

The oil production of Guinea during the previous February by 6.8 thousand barrels, followed by Iran by 4.4 thousand barrels per day, and Kuwait, and finally Qatar by 3.7 thousand barrels.

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