The Iraqi Oil Marketing Company "SOMO" confirmed today, Friday, that it had received requests to increase the quantities of Iraqi oil exported to Asia, while noting that the OPEC agreement affected the increase in revenues entering the country.
The company's general manager, Alaa Al-Yasiri, told the Iraqi News Agency (INA), that "Russia is currently actually present in Asia as a competitor, but it will not affect the presence of Iraq, as the Oil Marketing Company has contracted with major government companies in major crude oil consuming countries."
Al-Yasiri added, "Iraq is in contract with almost all government refineries in China, as well as with government refineries in India, and these countries are not willing to risk abandoning Iraqi crude oil because they are sure that Russian crude from an economic point of view is better for it to go to Europe because the distance The pipeline network and the cost of transportation all have effects. In the event that the problem between Russia and Ukraine ends, the Russian exporter does not prefer sending crude to Asia and will send it to Europe. As for Iraq, it prefers to send its crude oil to Asia because they see that the future is with Iraqi crude and they will not give it up at a time when they are buying Quantities of markets in order to raise their stocks, but so far none of our customers has requested canceling the contract, on the contrary, there is a request to increase quantities in Asia.”
And he continued, "Iraq has not had a reduction for a while, and now it exports all the quantities available for export and there is no problem, and all the quantities produced in excess of the domestic need available for export are completely exported," noting that "the OPEC agreement affected raising the revenues that enter Iraq." .
He continued: "In previous periods, the revenue from exports to the Ministry of Finance ranged between one and a half billion and two billion before the agreement, but after it, prices began to recover and reached $60 and $70, and during the Ukrainian crisis the price reached $100, so the revenue thus exceeded 11 billion." dollars a month, and now we've made $82 billion."
He pointed out that "the Oil Marketing Company targets all refineries in all countries of the world and all markets, and it contacts all the companies that own the refineries and offers them Iraq's oil, and in the absence of contracts, they are met through seminars that the company conducts once or twice during the year."
And he stated, "The seminars are large, and the company invites all international companies to attend them." Next year, there will be an increase in quantities and a change in the type of crude oil purchased.”
He pointed out that "some companies may want to change heavy oil to medium and vice versa, and some companies have objections that must be taken into account with regard to fines, logistics and docks, and most important of all are the specifications of the crude sold," adding: "We have committees that form For the purpose of determining quantities and buyers for the coming year.
He noted that "Iraq for three years is the first supplier of crude in India, as it imports from many countries as one of the large countries, as well as China, but now it is said that this year will be the competitor to Iraq, Russia in this market, but Iraq is still the largest supplier to the market." ".
He continued: "Saudi Arabia is a major exporter and producer of crude oil and a very important competitor, and it has a presence in all markets through large investments, not only through the commercial relationship in buying and selling, but they have investments in various refineries in the world. Among their conditions in these investments is that the oil that is used in This refinery must be in a certain proportion purely Saudi, as it is a competing country, but the market needs Saudi and Iraqi oil.”
He stressed, "The relationship of Iraq and Saudi Arabia is very good in terms of oil, and also the relationship in OPEC is good, and all decisions taken have coordination, and Iraq is usually supported in the issues in which an agreement occurs."
He concluded by saying: "As for the ministerial meetings, the Saudi prince, the minister, and the one before him always communicate, considering that the Iraqi oil minister is very important and influential in making decisions, so most decisions are discussed with the ministers for the benefit of the two countries because the benefit is mutual."
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