SOMO Announces Revenue Increase Following End of Voluntary Production Cut

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Iraq's State Organisation for Marketing Oil (SOMO) announced on Sunday, 21 September 2025, that its revenues have increased after the voluntary oil production cut was gradually lifted.

SOMO Director General Ali Nizar Al-Shatri told Iraq's state media (INA) that Iraq has raised its oil exports following the decision by OPEC and non-OPEC countries to ease the cuts.

“Iraq has been able to boost production and expand exports, based on a market balance study by OPEC and non-OPEC experts, who confirmed the feasibility of this increase,” Shatri said.

He noted that oil exports remain the country’s main source of budget funding. 

“With current prices ranging between $65 and $68 per barrel, and an annual average of around $70, the rise in production is expected to make hundreds of millions of dollars in additional revenues to support budgetary needs,”  Shatri said.

He also highlighted SOMO’s efforts to enhance revenue through commercial agreements and profit-sharing projects with foreign firms, including reselling portions of oil shipments on the global market when demand or opportunities arise.

He added that the company has strengthened its spot sales mechanism, allowing Iraq to sell barrels at premium prices in line with demand and market conditions.



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