Oil Ministry Confirms Full Operation of National Refineries Amid High Export Volumes
The Ministry of Oil announced Sunday that its national refineries are operating at full production capacity, affirming its efforts to secure a strategic fuel reserve via long-term contracts. The ministry reported total crude oil exports from the southern and northern regions amount to 2.6 million barrels daily, despite navigation challenges in the Strait of Hormuz. In a statement, Ministry Spokesperson Salim Al-Rikabi clarified that contracting for improved gasoline and gas oil aims to cover local needs and strengthen the strategic reserve. He noted that daily contracted quantities reach 4-5 thousand cubic meters, depending on the available imported supply. Al-Rikabi added a plan to expand national refineries, including the Diwaniyah and Maysan facilities, targets increased refining capacity. He indicated most oil exports occur through southern ports, which are affected by Strait of Hormuz events, with remaining quantities passing via Turkish and Syrian outlets. Regarding sales mechanisms, Al-Rikabi stated the State Organization for Marketing of Oil (SOMO) sells crude through a port-presented system, seeking the best prices, with ongoing negotiations for increases. He also explained that contracted improved gasoline and gas oil quantities cover months, but daily provision compensates for the production-consumption gap. Al-Rikabi reported southern exports reach 2.4 million barrels daily, and northern exports 200,000 barrels.
