Iraq seeks urgent oil offtake plans

Iraq’s state-owned oil trader SOMO has called on its customers to submit oil withdrawal schedules within 24 hours, according to a document seen by Reuters.

The request comes after reports that Iran has granted Iraq an exemption from restrictions on transit through the Strait of Hormuz.

SOMO said the aim is to ensure the continuity and stability of oil exports. Customers are to submit plans, including tanker nominations and contracted volumes, in accordance with agreed terms.

According to the document, all loading terminals, including the Basrah Oil Terminal, remain fully operational and the company is ready to carry out exports without restrictions.

The resumption of exports could help Iraq increase production, which fell to around 800,000 barrels per day last month. However, some market participants caution that uncertainty remains, as the ongoing conflict between the US, Israel and Iran may discourage shippers from entering the Gulf region.

(reuters, est)