- number of readings 152
- Section : Iraq
Baghdad / Obelisk: The Oil Marketing Company (SOMO) announced, on Tuesday, June 21, 2022, achieving the highest revenues in the history of Iraqi oil export, while it expected oil prices to remain within the range of 115 dollars per barrel until the end of this year.
The director of market research at SOMO, Muhammad Saadoun, said: “We live within high prices, and so far have achieved the highest revenues in the history of Iraqi oil exports by about 11 billion dollars for the past month, and we expect these rates to continue,” noting that “indicators show the survival of international oil prices. This year, it is around $115.
Saadoun added: “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 Russian-Ukrainian war, which affected the market because Russia is one of the major oil producing and exporting countries, and the European embargo. It will remain and may affect the European market, and from this aspect, agencies expect a decrease in Russian oil production estimated between one and a half million, and this means that oil supplies lose this number, and there is another aspect, which is that this conflict affected economic growth and this is reflected in demand expectations. “.
He pointed out that “most of the international energy agencies have revised their price forecasts and increased these expectations from $95 to 120 to be the expected price for 2022, and to 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 pointed out that “the decision of the European Union to impose an embargo on Russian oil will be directly reflected in the expected revenues for the year 2023, which extend to 2024, with an increase to 120 dollars, and this is a large number.”