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[size=36]Iraq is working to expand its share in the European oil market[/size]
Economie| 11:22 - 04/11/2022
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Baghdad - Mawazine News
The Iraqi Oil Marketing Company "SOMO" intends to expand its share in the European market amid the decline in Russian imports to the region and its need to provide alternatives.
Alaa Al-Yasiri, head of the company, said that "the work mechanisms of the Oil Marketing Company are focused on ensuring the preservation of the marketing shares of Iraqi crude oils in the most important global crude oil markets, such as Asia, America and Europe."
He added, "The company is currently working on expanding its share in the European market, investing in the decline in Russian imports to this region and its need to provide alternatives."
In a related context, Iraq's oil revenues rose during the month of October by 20.8 percent on an annual basis, supported by the increase in oil prices and the amount of exports.
According to a statement by the Iraqi Oil Ministry, oil revenues amounted to about $9.3 billion.
It is noteworthy that Iraq is the second largest producer of crude oil in the Organization of Petroleum Exporting Countries after the Kingdom of Saudi Arabia, with an average daily production of 4.6 million barrels.
The Iraqi Oil Marketing Company "SOMO" intends to expand its share in the European market amid the decline in Russian imports to the region and its need to provide alternatives.
Alaa Al-Yasiri, head of the company, said that "the work mechanisms of the Oil Marketing Company are focused on ensuring the preservation of the marketing shares of Iraqi crude oils in the most important global crude oil markets, such as Asia, America and Europe."
He added, "The company is currently working on expanding its share in the European market, investing in the decline in Russian imports to this region and its need to provide alternatives."
In a related context, Iraq's oil revenues rose during the month of October by 20.8 percent on an annual basis, supported by the increase in oil prices and the amount of exports.
According to a statement by the Iraqi Oil Ministry, oil revenues amounted to about $9.3 billion.
It is noteworthy that Iraq is the second largest producer of crude oil in the Organization of Petroleum Exporting Countries after the Kingdom of Saudi Arabia, with an average daily production of 4.6 million barrels.
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