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وكالة موازين نيوز
SOMO: Firms compete for best prices amid Hormuz concerns
The Iraqi Ministry of Oil affirms that it adopts a competitive pricing policy for selling oil, which is based on receiving offers from various companies. The National Oil Company (SOMO) chooses the best prices through competition, especially in light of the Hormuz Strait blockade crisis. It clarifies that sales are conducted according to the global market bulletin, and that discounts are common and internationally recognized. However, Iraq focuses on competition to determine the final price, after successfully reducing its monthly sales from 105 million barrels to 42 million barrels in July due to the crisis. A Reuters report indicated that there are significant discount offers on Basra crude aiming to attract buyers, despite SOMO denying the existence of fixed discounts. Instead, the company relies on the best offers from participating companies in oil exports through the Strait of Hormuz.
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