Federal Iraq’s oil marketer Somo has found 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, while efforts to pick up new European clients have had only modest success. Yet despite this maelstrom, Somo is on track to generate record revenues and is optimistic it is well placed to win new customers.
Somo Director General Alaa Alyasri says that Iraqi crude exports remain in high demand in Asia. Speaking with state news agency INA on 9 September, Mr Alyasri says that while “Russia is present in Asia as a competitor, it will not affect the presence of Iraq.” He adds that “Iraq has contracts with almost all state refineries in China, as well as with state refineries in India, and these countries are not willing to risk abandoning Iraqi crude oil.” (CONTINUED - 969 WORDS)