Iraq’s Somo Optimistic On Core Asian Markets

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Federal Iraq’s oil marketer Somo has discovered itself buffeted by market headwinds following Russia’s 24 February invasion of Ukraine. Russian crude displaced from Europe has flooded into Iraq’s No.1 market, India, whereas efforts to choose up new European shoppers have had solely modest success. But regardless of this maelstrom, Somo is on monitor to generate file revenues and is optimistic it’s effectively positioned to win new prospects.

Somo Director Basic Alaa Alyasri says that Iraqi crude exports stay in excessive demand in Asia. Talking with state information company INA on 9 September, Mr Alyasri says that whereas “Russia is current in Asia as a competitor, it is not going to have an effect on the presence of Iraq.” He provides that “Iraq has contracts with virtually all state refineries in China, in addition to with state refineries in India, and these international locations aren’t keen to threat abandoning Iraqi crude oil.” (CONTINUED – 969 WORDS)

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