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Iraq's SOMO Eyes Increased Share in European Market


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ERBIL — Iraq's State Oil Marketing Organization (SOMO) said it intends to increase the country’s share in the European oil market, in efforts to find alternatives in global oil markets following a sharp drop of Russian oil exports to the region.

The SOMO’s work mechanism fully concentrates on expanding the marketing shares of Iraqi crude oil in various markets, such as Asia, America and Europe, state-run Iraqi News Agency cited Head of SOMO, Alaa Al-Yasiri.

At the moment, SOMO is benefiting from the overall decline in Russian exports, and the region’s increased demands for oil and gas therefore the focus of our work mainly remains on expanding shares in the European market, he explained.

Early in November, Iraqi Oil Ministry in its monthly report announced that the country exported over 100 million barrels of crude oil in October and collected $9 billion in oil revenues, marking the first increase of its kind in monthly revenues in three months.

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