Baghdad: The Iraqi State Oil Marketing Company (SOMO) announced on Tuesday that Kirkuk oil exports have increased from 4 million to 7 million barrels per month. It also confirmed that oil exports via the southern route reached 444,000 barrels per day during the Strait of Hormuz crisis.
According to Yemen News Agency, SOMO Director General Ali Nizar stated that the company, as the commercial arm of the Ministry of Oil, plays a fundamental role in exporting crude oil and diversifying sales outlets and markets. He highlighted the ongoing efforts to secure export outlets and enhance crude oil marketing capacity despite regional challenges.
Nizar explained that export outlets are the first and most important factor in marketing operations, and the Ministry is making continuous efforts to expand these outlets to increase export capacity. He clarified that there is no surplus of unexportable crude oil, and exports are carried out according to need and available circumstances.
He noted that export rates through the southern outlet have recently reached approximately 444,000 barrels per day, which, while lower than previous levels, is still an achievement under the current circumstances. Efforts are underway to increase export volumes through the north, including the transport of crude oil via pipelines and tankers. Volumes of Kirkuk oil produced in the north have increased from about 4 million barrels to nearly 7 million barrels per month, with work continuing to reach even higher levels.
Nizar emphasized that SOMO's policy is based on openness to all global markets and not reliance on a single market. He explained that market diversification has been a key factor in overcoming the challenges during the crisis.