33 billion dollars for Iraqi crude oil sales by the state company (SOMO) during the first half of 2021

Sales of Iraqi crude oil by the Oil Marketing Company, which represents the federal government, from the southern ports of Basra oil, as well as from the northern port of Kirkuk crude from the Kurdistan region through the Turkish port of Ceyhan, achieved a total of 33 billion dollars during the first half of 2021, and at a monthly rate of about 5.5 billion US dollars.

The Oil Marketing Company deals with the purchasing companies according to regulations that require that the purchasing companies own at least one refinery, with the application of financial and global suitability standards and the ability to withstand various market fluctuations. The company focuses on the basic principles of marketing, which is exporting the available quantities with the highest possible return.

Most of Iraq’s crude oil exports are heading to the promising Asian market, which is witnessing a growth in refining capacities and oil consumption, despite the negative conditions currently facing the global economy.

China is ranked first due to the increase in refining capacities in it, and the demand for oil in China to reach high levels that are competing the volume of demand in the United States of America. India also comes in second place, as Iraq is one of the largest exporters of crude oil to India, even despite the prospects of Iranian crude returning to Asian markets soon.

The European market, followed by the American market, occupies the next position after the Asian markets, to which Iraqi crude oil exports are heading. The Oil Marketing Company is keen to maintain a marketing position in these markets because they are considered alternative markets that Iraq can rely on if any of its traditional markets suffers financial, economic, or even political or geopolitical setbacks.