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SOMO issues an official clarification on the mechanism for setting the price of Iraqi oil
Thursday 10, February 2022 22:17 | economic Number of readings: 632
Baghdad / NINA / - Today, Thursday, the Oil Marketing Company (SOMO) issued a clarification regarding the mechanism for determining the price of Iraqi oil.
In a statement, the company said, "In response to what was published on the media about an allegation attributed to an unknown source claiming to be close to the Oil Marketing Company (SOMO),
we are surprised by the way the media has been unprofessional in terms of quoting sources that we have not proven if they were They are actually present or familiar with the mechanisms and meetings to determine the price differences of Iraqi crude oil exported to global markets."
She added, "The Oil Marketing Company has mathematical mechanisms through which the monthly price of Iraqi oils is determined for the main global markets (Asia, Europe and America) based on the data of each month in terms of demand, supply and price differences between the oils according to their quality (light, medium or heavy) and the competitiveness of the oils.
Iraq compared to similar oils in the region.
And she added, "These accounts are subject to review by a specialized committee in the oil marketing company and its board of directors, and then presented in an expanded meeting that includes the ministry's leaders headed by the minister for the purpose of discussing them according to the oil market data and approving them to ensure that all quantities available for export are marketed with the highest financial revenue for the country."
She stressed that "in terms of the ministry's responsibility and the leadership of the oil sector, the discussion of the accounts and what the Oil Marketing Company proposes about the pricing of Iraqi crude oil reflects the high professionalism, transparency and accuracy required to reach what is desired to achieve the marketing goals in terms of increasing the marketing shares of Iraqi crude oil in global markets.". /finished8
SOMO issues an official clarification on the mechanism for setting the price of Iraqi oil
Thursday 10, February 2022 22:17 | economic Number of readings: 632
Baghdad / NINA / - Today, Thursday, the Oil Marketing Company (SOMO) issued a clarification regarding the mechanism for determining the price of Iraqi oil.
In a statement, the company said, "In response to what was published on the media about an allegation attributed to an unknown source claiming to be close to the Oil Marketing Company (SOMO),
we are surprised by the way the media has been unprofessional in terms of quoting sources that we have not proven if they were They are actually present or familiar with the mechanisms and meetings to determine the price differences of Iraqi crude oil exported to global markets."
She added, "The Oil Marketing Company has mathematical mechanisms through which the monthly price of Iraqi oils is determined for the main global markets (Asia, Europe and America) based on the data of each month in terms of demand, supply and price differences between the oils according to their quality (light, medium or heavy) and the competitiveness of the oils.
Iraq compared to similar oils in the region.
And she added, "These accounts are subject to review by a specialized committee in the oil marketing company and its board of directors, and then presented in an expanded meeting that includes the ministry's leaders headed by the minister for the purpose of discussing them according to the oil market data and approving them to ensure that all quantities available for export are marketed with the highest financial revenue for the country."
She stressed that "in terms of the ministry's responsibility and the leadership of the oil sector, the discussion of the accounts and what the Oil Marketing Company proposes about the pricing of Iraqi crude oil reflects the high professionalism, transparency and accuracy required to reach what is desired to achieve the marketing goals in terms of increasing the marketing shares of Iraqi crude oil in global markets.". /finished8
