Mid-Oil Company Signs Sales Contracts, Plans Production Increase

Iraq's Mid-Oil Company announced on Wednesday the finalization of new contracts for oil sales and export, confirming the pumping of crude through the strategic pipeline and Basra outlets. The company unveiled an ambitious plan to increase production in the upcoming period to meet the demands of local stations and refineries. Director-General Mohammed Yassin Hassan stated that the company was producing 160,000 barrels per day before the recent export crisis, with output in 2023 reaching approximately 90,000 barrels per day. He noted that production had since risen again to 160,000 barrels per day in 2025. Hassan affirmed that the military escalation in the region was a primary cause for the previous decline in oil production levels. The Director-General clarified that the company's current production stands at full capacity, sometimes even exceeding it, in response to the requirements of stations and refineries. He indicated a strong aspiration to further increase production in line with market needs and the sales of the State Organization for Marketing of Oil (SOMO) in the coming days. Hassan added that contracts have been signed for the sale of oil via trucks (tankers), with the company responsible for producing and pumping oil either through the strategic pipeline or via Basra outlets, while SOMO will handle its marketing and sale.