Iraq’s state oil marketer, SOMO, has issued a pressing request to its customers to submit their crude oil lifting schedules within a 24-hour timeframe. This move comes in response to reports indicating that Iran has waived any restrictions on Iraq’s transit through the Strait of Hormuz. According to a SOMO document obtained by Reuters, the company emphasized the importance of expediting the submission of lifting schedules to ensure uninterrupted crude oil export operations. SOMO assured its customers that all loading terminals, including the Basrah Oil Terminal (BOT) and associated facilities, remain fully operational and ready to execute contractual lifting programs without any limitations. The resumption of oil exports is expected to play a crucial role in boosting Iraq’s production, which has plummeted to approximately 800,000 barrels per day due to the ongoing US-Israel conflict with Iran.
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