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Iraq's SOMO Exploring Higher Crude Volumes to Europe

OIL

Iraq’s state oil marketer SOMO is exploring crude export contracts with European buyers according to SOMO Director General Alaa al-Yasiri speaking with state-run Iraqi News Agency.

  • SOMO currently has contracts to supply as much a 600,000 b/d of Basrah Medium, Basrah Heavy and Kirkuk crudes to European buyers.
  • Yasiri predicts that the European market could be short as much as of 1 million b/d of medium sour grades, which would create opportunities in the long term for Iraqi crude.
  • Iraq has been exporting more crude to Europe in recent months, with May volumes rising to 635,000 b/d from 591,000 b/d in April and 500,000 b/d in March, according to Kpler data.
Energy BulletsCommodities
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