Latest news with #StateOrganizationforMarketingofOil
Iraqi News
5 days ago
- Business
- Iraqi News
Iraq exports over 600 million barrels of oil in 2025's first half
Baghdad ( – The State Organization for Marketing of Oil (SOMO) revealed on Thursday that Iraq's oil exports during the first half of 2025 surpassed 600 million barrels. According to the figures, Iraq's total oil exports in the first half of the year were 606.58 million barrels, representing 101.09 million barrels per month. SOMO reported that revenue generated from oil exports in March, April, May, and June totaled $27.5 billion. Due to ongoing production cuts in line with OPEC+ agreements and additional voluntary reductions, Iraq's average crude oil and derivative exports fell by 110,000 barrels per day in the first quarter of 2025. Iraq's average crude oil and petroleum derivative exports during 2024 increased to 3.64 million barrels per day compared to 3.55 million barrels per day in 2023. Over 70 percent of Iraq's oil exports in the first quarter of 2025 were sent to Asian buyers, who continued to be the largest consumers of Iraqi oil. The top three countries on the list were China (1.34 million barrels per day), India (940,000 barrels per day), and South Korea (380,000 barrels per day).
Iraqi News
03-07-2025
- Business
- Iraqi News
Iraq exports over 1.6 million barrels of oil to Jordan
Baghdad ( – Iraq's State Organization for Marketing of Oil (SOMO) revealed that the country's oil exports to Jordan during the first five months of 2025 surpassed 1.6 million barrels. Iraq's oil exports to Jordan in January, February, March, April, and May reached 1.64 million barrels, a 10.4 percent decline compared to the same period in 2024, when they totaled 1.84 million barrels. Oil exports to Jordan totaled 309,980 barrels in January, increased to 419,946 barrels in February, fell to 309,765 barrels in March, reached 299,819 barrels in April, and increased to 309,906 barrels in May. Jordan and Iraq agreed in August 2023 to boost imports from 10,000 to 15,000 barrels per day, or 300,000 to 450,000 barrels per month, representing approximately 10 percent of Jordan's crude oil consumption. Iraqi oil exports saw minor variations in the first quarter of 2025, as the country adhered to prior production limitations set by OPEC+, particularly with the increase in export quantities during the first two months of the year.
Iraqi News
24-06-2025
- Business
- Iraqi News
Iraq's oil exports surpass 101 million barrels in May
Baghdad ( – Iraq exported over 101 million barrels of oil in May 2025, compared to 100.9 million barrels of oil in April 2025, according to data released by Iraq's State Organization for Marketing of Oil (SOMO). The total exports of crude oil reached 101,630,925 barrels, Shafaq News reported. Iraq exported a total of 100,365,335 barrels of crude oil from fields in the central and southern parts of the country in May. Iraq's oil exports to Jordan reached 309,906 barrels, and the quantities exported from the Qayyarah field in Nineveh province reached 955,684 barrels. Revenues generated from May's oil exports surpassed $6 billion. Iraqi oil exports saw minor variations in the first quarter of 2025, as the country adhered to prior production limitations set by OPEC+, particularly given the increase in export quantities during the first two months of the year. Iraqi oil shipments fell sharply toward the end of 2024, particularly in December and November, due to Baghdad's commitment to voluntary reduction under the OPEC+ agreement. Experts predict that Iraq's oil shipments will gradually increase in the coming months, with the OPEC+ group of eight members declaring the voluntary resumption of limited volumes beginning in April 2025.
Iraqi News
12-06-2025
- Business
- Iraqi News
Iraq's oil production fall by 59,000 barrels per day
Baghdad ( – A senior Iraqi official at the State Organization for Marketing of Oil (SOMO) revealed on June 2 that the country's oil output in May declined by 59,000 barrels per day as Iraq plans to accelerate measures to compensate for prior overproduction. Iraq's oil production quota rose by 49,000 barrels per day in May, reaching a total of 4.049 million barrels per day, as reported by S&P Global. Since April 2024, eight OPEC+ countries, including Iraq, have resumed their voluntary production cuts of 2.2 million barrels per day. The production limit was set to rise to 411,000 barrels per day in May, June, and July 2025. However, this increase coincides with its compensation plan, which is supposed to compensate for serial overproduction in 2024. In the most recent plan, announced by the OPEC secretariat in Vienna in April, Iraq pledged to produce oil less than its quota by 140,000 barrels per day in May. The volume of crude oil that Iraq exported by sea declined to 3.27 million barrels per day in May 2025 compared to 3.30 million barrels per day in April 2025. According to government sources, Iraq's oil exports in May and June 2025 are expected to be less than 3.2 million barrels per day to meet its OPEC+ production quota. During the first five months of 2025, Iraq's crude oil exports averaged approximately 3.33 million barrels per day, compared to 3.45 million barrels per day during the same period in 2024.
Iraqi News
27-05-2025
- Business
- Iraqi News
Iraq's oil exports reach 100.9 million barrels in April
Baghdad ( – Iraq exported over 100.9 million barrels of oil in April 2025, compared to 106 million barrels in March 2025, according to data released by Iraq's State Organization for Marketing of Oil (SOMO). The total exports of crude oil reached 100,953,282 barrels, Shafaq News reported. Iraq exported a total of 99,752,879 barrels of crude oil from fields in the central and southern parts of the country in April. Iraq's oil exports to Jordan reached 299,819 barrels, and the quantities exported from the Qayyarah field in Nineveh province reached 900,584 barrels. Revenues generated from April's oil exports reached $6.73 billion. Iraqi oil exports saw minor variations in the first quarter of 2025, as the country adhered to prior production limitations set by OPEC+, particularly given the increase in export quantities during the first two months of the year. Iraqi oil shipments fell sharply toward the end of 2024, particularly in December and November, due to Baghdad's commitment to voluntary reduction under the OPEC+ agreement. Experts predict that Iraq's oil shipments will gradually increase in the coming months, with the OPEC+ group of eight members declaring the voluntary resumption of limited volumes beginning in April 2025.
