Iraq to hire firms for oil exports

The Iraqi government announced a plan to increase crude oil exports through international and local companies for three months starting from September 1st. The pricing mechanism will be based on the Iraqi Oil Marketing Company (SOMO) price, with a 30% discount. Iraq expects to generate approximately $3 billion in monthly revenues from southern oil exports, with each barrel priced around $60. The goal of the plan is to enhance the country's oil export capacity, ensure supply stability, and support the nation’s public finances.

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