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SOMO “Squeezing Out” Oil Resellers

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Post by claud39 on Fri Nov 30, 2018 8:33 am


SOMO “Squeezing Out” Oil Resellers

SOMO “Squeezing Out” Oil Resellers State-Oil-Marketing-Organization-SOMO-HQ-623x346

30th November 2018 in Iraq Oil & Gas News

By John Lee.
Iraq’s State Oil Marketing Organization (SOMO) is reported to be restricting companies from reselling Basra crude oil on the spot market.
Oil traders have told S&P Global Platts that SOMO wants to keep a greater share of the lucrative spot market for itself.
The report adds that SOMO is merely implementing restrictions already embedded in its contracts with customers.
(Source: S&P Global Platts)
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