10:39 - 08-16-2022
The Oil Marketing Company (SOMO) announced, on Tuesday, Iraq's commitment to the decisions of the Organization of Petroleum Exporting Countries (OPEC) to increase oil production.
The company's general manager, Alaa Khader al-Yasiri, told the official newspaper, "The Organization of Petroleum Exporting Countries (OPEC) recently obligated Iraq to increase its oil exports to 3 million and 800,000 barrels per day," noting that "this increase cannot affect the strategic oil reserves."
He added that "the increase in Iraq's exports is directly proportional to the increase in production levels planned within the (OPEC) agreement and the countries allied with it."
And he indicated that "the amount of oil exported for the month of July amounted to 102 million and 385 thousand and 49 barrels, with initial revenues of 10 billion and 541 million and 594 thousand and 258 dollars."
Al-Yasiri explained that “the company’s policy is limited to its dealings with companies that own refineries, to achieve the fair value of Iraqi crude oil sales, as it markets crude oil and gas for the purpose of reaching its goals by contracting to sell crude oil available for export with standard contracts that apply to all customers according to approved and well-known standards in the global market. And in light of the quantities available for export and a unified price formula for all buyers within the same market, known as the official announced price.”
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