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[size=36]SOMO expects oil prices to rise and confirms: The region has not adhered to the export agreement[/size]
Economie| 10:14 - 03/06/2021
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Baghdad - Mawazine News
Today, Thursday, the Director of the National Oil Marketing Company (SOMO), Alaa Al-Yasiri, confirmed that the Kurdistan Region has not yet committed to exporting oil through our company, while he expected a rise in oil prices if two things were achieved.
Al-Yasiri said, "Iraq's oil exports currently exceed two million and 900 thousand barrels per day, and at a rate of two million and 800 thousand through the ports of the south, and 100 thousand barrels from Kirkuk through the Turkish port of Ceyhan."
Al-Yasiri added, "Iraqi oil is exported to all markets, and the Asian market is the most prominent, and we expect an increase in oil prices in the coming months after the return of trade and global economic activity."
With regard to the oil file in the Kurdistan region, he explained that "the federal general budget law for the fiscal year 2021 deals with the agreement with the Kurdistan region regarding oil, but the Kurdistan region has not yet committed to exporting oil through our company."
The second paragraph of Article 11 of the 2021 Budget Law states that the Kurdistan Regional Government is committed to producing crude oil from its fields, at an average rate of no less than 460,000 barrels per day. Allocations of the region’s share of petrodollars, provided that the values of the delivered quantities are not less than the amounts realized from the sale of 250 thousand barrels of crude oil per day at the price of the SOMO company. Ended 29/A87
Al-Yasiri said, "Iraq's oil exports currently exceed two million and 900 thousand barrels per day, and at a rate of two million and 800 thousand through the ports of the south, and 100 thousand barrels from Kirkuk through the Turkish port of Ceyhan."
Al-Yasiri added, "Iraqi oil is exported to all markets, and the Asian market is the most prominent, and we expect an increase in oil prices in the coming months after the return of trade and global economic activity."
With regard to the oil file in the Kurdistan region, he explained that "the federal general budget law for the fiscal year 2021 deals with the agreement with the Kurdistan region regarding oil, but the Kurdistan region has not yet committed to exporting oil through our company."
The second paragraph of Article 11 of the 2021 Budget Law states that the Kurdistan Regional Government is committed to producing crude oil from its fields, at an average rate of no less than 460,000 barrels per day. Allocations of the region’s share of petrodollars, provided that the values of the delivered quantities are not less than the amounts realized from the sale of 250 thousand barrels of crude oil per day at the price of the SOMO company. Ended 29/A87
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