Iraq: The Iraqi government announced on Friday that oil exports are poised to gradually return to their previous levels as the country's oil fields are ready to resume extraction operations. According to Yemen News Agency, Oil Minister Basim Mohammed Khudair al-Abadi stated that the oil fields have been prepared to restart their extraction processes. He emphasized that the return to normalcy in oil production will be a gradual process until the previous production levels are achieved. The Minister further explained that the Iraqi State Oil Marketing Company (SOMO) has reached out to all customers, urging them to nominate their chartered and owned tankers for loading the contracted quantities of Iraqi crude oil through the southern Iraqi ports. This move is part of the strategy to ensure a smooth resumption of exports, which will depend on the unimpeded flow of traffic through the strategic Strait of Hormuz.
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