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Sumo to Shafak News: The market needs additional quantities of oil and prices will rise
Shafaq News/ SOMO explained on Saturday, the reasons for the rise in oil prices in the global market.
The assistant director of the Oil Marketing Company (SOMO), Ali Nizar, told Shafak News Agency; "The cold wave, the freezing of gas pipelines, and the resort of European countries to crude oil, contributed to the rise in oil prices," he said, expecting "prices to rise more than they are now."
Nizar added; "Countries now need more than planned quantities of crude oil."
He added, "Iraq announced some immediate shipments for the month of February, because the demand for crude oil will be very strong, and the market will need additional quantities of oil."
And he indicated that "the quantities announced by Iraq of crude oil are within the determinants of OPEC + and cannot be exceeded."
Oil prices rose last week and concerns about supplies escalated this week after a possible military conflict in Ukraine would disrupt energy markets, especially natural gas supplies to Europe
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The assistant director of the Oil Marketing Company (SOMO), Ali Nizar, told Shafak News Agency; "The cold wave, the freezing of gas pipelines, and the resort of European countries to crude oil, contributed to the rise in oil prices," he said, expecting "prices to rise more than they are now."
Nizar added; "Countries now need more than planned quantities of crude oil."
He added, "Iraq announced some immediate shipments for the month of February, because the demand for crude oil will be very strong, and the market will need additional quantities of oil."
And he indicated that "the quantities announced by Iraq of crude oil are within the determinants of OPEC + and cannot be exceeded."
Oil prices rose last week and concerns about supplies escalated this week after a possible military conflict in Ukraine would disrupt energy markets, especially natural gas supplies to Europe
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