Iraq’s SOMO Reports Higher Oil Revenues After OPEC+ Cuts Eased
Iraq’s State Oil Marketing Organization (SOMO) announced that its revenues from oil exports have gone up after OPEC+ countries started reducing their voluntary production cuts, state news agency INA reported.
More oil, more money
SOMO’s General Manager, Ali Nazar Faeq Al-Shatari, said Iraq increased its oil production, which boosted export volumes. This decision was based on studies by OPEC and non-OPEC experts about the balance of the oil market.
He explained that oil exports are the main source of money for Iraq’s national budget. The recent increase in production—around 200,000 barrels per day—could bring in hundreds of millions of extra dollars each year to support government spending.
SOMO is also working with foreign companies through agreements and profit-sharing projects to raise more revenue from oil sales. The company has also begun selling oil in the spot market, which allowed it to sell some shipments at higher prices depending on demand.
In August, Iraq exported an average of 3.38 million barrels per day. SOMO expects September exports to rise to between 3.4 and 3.45 million barrels per day.
OPEC+ production changes
Earlier this month, OPEC+ said it would raise output by 137,000 barrels per day in October, slowing down the pace of earlier increases. Since April, the group has been gradually reversing production cuts made in previous years to support prices.
OPEC+ also confirmed that member countries will fully compensate for any extra production above their agreed limits since January 2024. Iraq, which has produced more than its quota, submitted plans in April to cut its output further to make up for this.
Published: 22th September 2025
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