Iraq Increases Kirkuk Oil Exports to 7 Million Barrels a Month, Says SOMO

SOMO's website

Ali Nizar, Director General of SOMO.

The Iraqi State Oil Marketing Organisation (SOMO) has announced a sharp increase in exports of Kirkuk crude oil, with monthly volumes rising from approximately 4 million barrels to nearly 7 million barrels, despite ongoing regional disruptions linked to the Strait of Hormuz.

Ali Nizar, Director General of SOMO, said Iraq had made steady progress in managing oil export operations and adapting to exceptional circumstances caused by tensions in the Gulf region.

Speaking to the Iraqi News Agency, Nizar stated that Iraq had achieved notable success in marketing petroleum products, with export levels surpassing those recorded before the Strait of Hormuz crisis. He highlighted the expansion of exports through Syria and Jordan, as well as the commencement of sulphur exports, which had not previously been part of Iraq's export portfolio.

According to Nizar, crude oil exports through Iraq's southern export terminals have recently reached around 444,000 barrels per day. While this remains below previous levels, he described it as a significant achievement under the current circumstances.

He noted that Iraq had managed to maintain stronger export performance than some countries in the region, despite the challenges posed by shipping disruptions and heightened security concerns.

Nizar said efforts are continuing to increase exports through northern routes, including the transportation of crude oil via pipelines and tankers. As part of these efforts, monthly exports of Kirkuk crude have risen substantially and are expected to grow further in the coming period.

He also expressed optimism that the reopening of the Strait of Hormuz would help restore normal trading conditions. According to Nizar, the move would enable SOMO to resume full coordination with international companies contracted to load Iraqi crude oil.

The return of insurance coverage for tankers operating in the Gulf is also expected to improve market conditions by reducing transportation and insurance costs, which previously required exporters to offer price discounts.

Nizar further revealed that Iraq has benefited from access to new export markets, including Syria and the Mediterranean port of Banias. He said an agreement had been reached with the Syrian authorities, pending approval by the Iraqi Council of Ministers, which could pave the way for the construction of a crude oil export pipeline through Syrian territory.



PUKMEDIA