Baghdad (IraqiNews.com) – The State Petroleum Marketing Organization (SOMO) intends to increase its share in the European market in the face of declining Russian imports to the region and its need to offer alternatives.
SOMO head Alaa Al-Yasiri mentioned that SOMO’s working mechanisms are focused on ensuring market shares of Iraqi crude oil in the world’s most important crude oil markets, such as Asia, the United States. America and Europe, according to the Iraqi press agency. (IN A).
Al-Yasiri explained that SOMO is currently working to expand its share in the European market, benefiting from the decline in Russian imports in this region and its need to offer alternatives.
Iraq’s oil revenues increased during the month of October by 20.8% on an annual basis, supported by the increase in oil prices and the quantities exported.
According to a statement released by the Iraqi Oil Ministry, Iraq’s oil revenues for the month of October reached $9.3 billion.
Iraq is OPEC’s second largest crude oil producer after Saudi Arabia, with an average daily production of 4.6 million barrels, Sky News Arabia reported.