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SOMO Says it is Sole Entity Allowed to Export Iraqi Crude Oil

Photo courtesy of SOMO website
Photo courtesy of SOMO website
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SOMO Says it is Sole Entity Allowed to Export Iraqi Crude Oil

Photo courtesy of SOMO website
Photo courtesy of SOMO website

Oil Marketing Company (SOMO) has announced that it is the sole entity that is legally authorized to export Iraqi crude oil.

“SOMO wishes to clarify to public opinion and those interested in the petroleum matters that SOMO is the sole and exclusive entity that is legally authorized to export Iraqi crude oil and its petroleum products,” it said in a statement on Saturday.

The company affirmed that Iraqi fuel oil product is being exported from the floating tanks exclusively (POLA & EVGENIA I) located at the Iraqi Territorial waters - anchorage area through the southern port.

“However, the announcement of the sale of fuel oil shipments by other parties as Iraqi-origin shipments is illegal, and these parties have to take full legal responsibility to be punished under Iraqi law, as these shipments are smuggled,” said the statement.

SOMO denied announcing the sale of a fuel oil shipment through the northern ports (Turkish territory), pledging to take all legal measures against any party involved in dealing with the shipments.

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Aramco Chief Expects Additional Oil Demand of 1.3 Million bpd this Year

Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
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Aramco Chief Expects Additional Oil Demand of 1.3 Million bpd this Year

Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025

Saudi oil giant Aramco's Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million barrels per day of demand this year.
Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Nasser was responding to a question on the impact of US President Donald Trump's energy decisions, which could increase US hydrocarbon output.
Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said.
“We still think the market is healthy ... last year we averaged around 104.6 million barrels (per day), this year, we're expecting an additional demand of about 1.3 million barrels ... so there is growth in the market,” he said.
Asked about US sanctions on Russian crude tankers, he said the situation was still at an early stage.
“If you look at the impacted barrels, you're talking about more than 2 million barrels,” he said. “We will wait and see how would that translate into tightness in the market, it is still in the early stage.”
Asked if China and India have sought additional oil volumes from Saudi Arabia on the back of the sanctions, Nasser said Aramco is bound by the levels the Kingdom's energy ministry allows it to pump.
“The Kingdom and the Ministry of Energy is always looking at balancing the market. They take that into account when they give us the target of how much we should put in the market,” he said.
In a Bloomberg television interview in Davos, Nasser said: “We still see good demand coming out of China.” The country, along with India, make up about 40% of the rise in global consumption and, “demand is increasing year on year.”
Nasser’s comments echo those he made back in October, saying he was bullish on China after a series of government stimulus measures aimed at reviving the economy.
Nasser also said that Aramco is working with MidOcean, an LNG firm in which it took a 51% stake, and “looking at expanding our position globally in LNG,” without giving details.