Iraq plans short-term crude export deals

The Iraqi government has confirmed a plan to export crude oil through international and local companies for a period of three months starting in early September. This will be based on a mechanism involving the pricing set by the Iraqi Oil Marketing Company "SOMO," with an annual discount of 30%. The Minister of Oil has been authorized to increase oil export and purchase capacities, including establishing additional transportation routes and renewing contracts. Additionally, oil products will be imported as needed to ensure market stability. The plan aims to boost oil exports, achieve flexibility in oil supplies, and support public revenues, with a review of the financial impacts of these measures.

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