Iraq achieves highest revenues from oil exports in its history

State Organization for Marketing of Oil "SOMO" announced today, Tuesday, that it achieved the highest revenues in the history of Iraqi oil exports by nearly 11 billion dollars during May.

SOMO's Director of Market Research, Muhammad Saadoun, told Iraqi News Agency, "We are in the third quarter of this year, and prices will witness more support and will stabilize during the next three months," noting that the oil market is witnessing a challenge due to the Ukrainian crisis.

He pointed out that most international energy agencies have revised their price forecasts from $95 to $120 to be the expected price for 2022, and $115 for major international banks, and some companies expected it to reach $150 in light of the current stockpile being at its lowest levels.

He indicated, "The European Union's decision to impose an embargo on Russian oil will be directly reflected in the expected revenues for 2023, which extend to 2024, an increase to 120 U.S. dollars, and this is a large number."


PUKmedia