Iraq's SOMO Receiving Requests to Increase Crude Flows to Asia

The Iraqi Oil Marketing Company "SOMO" told the Iraqi News Agency it has received requests to increase the quantities of Iraqi oil exports to Asia

• "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.” SOMO general manager Alaa Al-Yasiri told the news agency.
• “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 certain 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, and if the problem between Russia and Ukraine ends, the Russian exporter does not prefer sending crude to Asia and will send it to Europe, while Iraq prefers sending 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 to cancel the contract, on the contrary, there is a request to increase quantities in Asia.” he added.
• "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."
• "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 where an agreement occurs."