SOMO: the Asian market ranks first in Iraqi oil exports

Shafaq News / the Oil Marketing Company "SOMO" revealed today, Monday, the volume of Iraqi oil exports to the Asian markets.

"The percentage of Iraqi oil exports to the Asian market ranges between 70-75%, while maintaining a few exports in the European and American market," SOMO Director General Alaa al-Yassiri said in an interview with Shafaq News agency.

"The most prominent Asian countries that consume Iraqi crude oil are India and China, including Taiwan, followed by South Korea, Japan, and other countries," he added.

Al-Yassiri pointed out that "Sumo policy is based on the principle of targeting the high-growth market and the financial income of the country."

·        Iraq exports its crude as follows:

·        from Basra and Khor Al-Amaya ports to the Gulf,

·        from the Ceyhan to the Mediterranean,

·        With truckloads to Jordan.

The percentage of Iraqi exports from Basra oil is approximately 90%, while the rest are from Kirkuk.

It is reported that Iraq was selling to Asia about 67% of its oil, while selling 20% ​​to Europe and 13% to America.

Earlier, Iraq lost about 11 billion $ due to the low prices in world markets.

And Iraq’s oil exports make up 98 percent of foreign currency flows to the country, with oil sales making up 45 percent of gross domestic product and 93 percent of public budget revenues.

Oil Minister Ihsan Abdul-Jabbar previously announced that Iraq exported its crude oil at prices that exceeded Brent crude, which fell to $ 43.97 a barrel.