SOMO:
The National Oil Marketing Company (SOMO) confirmed on Wednesday that the oil agreement with the Kurdistan Region did not include Baghdad shouldering the debts of oil companies operating in the region, noting that the exported quantities are counted within Iraq’s OPEC quota.
The company’s general manager, Ali Nizar al-Shatri, told the Iraqi News Agency (INA): “Iraq is fully committed to what was agreed upon with OPEC and its allied countries regarding production quantities.” He explained that “the concluded agreement stipulates that all of the region’s production from all producing fields will be included in exports and domestic consumption.”
He added that “the Kurdistan Region’s production quantities are counted within Iraq’s OPEC quota, and therefore the difference will be minimal, as it has been shifted from domestic consumption to exports through SOMO.”
He explained that “local consumption is around 50,000 barrels per day, while current export volume is around 190,000 barrels per day, and this is subject to increase as the export process continues, as investments by producing companies will begin to increase, thus increasing the volume of exports.”
