Latest news with #SOMO
Zawya
10 hours ago
- Business
- Zawya
Asian refiners seek more Mideast oil after spot premiums jump on Israel-Iran conflict
SINGAPORE/NEW DELHI - Asian refiners have requested more term crude oil supplies loading in August and September from producers in the Middle East after spot premiums jumped, six trade sources said on Friday. Spot premiums for Middle East benchmarks rose above $3 a barrel on Thursday, the highest levels in four months, on fears of supply disruption after fighting broke out between Israel and Iran last week. "We are receiving additional interest from our customers in Asia," a source at a Middle East crude supplier said, adding that the requests are for cargoes loading in August and September. A source at an Asian refiner said the official selling prices (OSPs) for Middle East crude are lower than spot levels, making it more economical to seek more term supplies. Two sources at Indian refineries said they will be receiving more July-loading term crude supply from Middle East suppliers as they anticipate lower supplies from Russia. The sources declined to be named as they are not authorised to speak to the media. Producers such as Saudi Aramco, Abu Dhabi National Oil Co (ADNOC) and Iraq's SOMO typically notify term customers on their allotted volumes a month before cargoes are due to load. It is not immediately clear if the producers will supply more oil, three sources said, although one of them pointed to rising output from the bloc. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are unwinding supply cuts, planning to increase output by 1.37 million barrels per day between April and July.
Reuters
11 hours ago
- Business
- Reuters
Asian refiners seek more Mideast oil after spot premiums jump on Israel-Iran conflict
SINGAPORE/NEW DELHI, June 20 (Reuters) - Asian refiners have requested more term crude oil supplies loading in August and September from producers in the Middle East after spot premiums jumped, six trade sources said on Friday. Spot premiums for Middle East benchmarks rose above $3 a barrel on Thursday, the highest levels in four months, on fears of supply disruption after fighting broke out between Israel and Iranlast week. "We are receiving additional interest from our customers in Asia," a source at a Middle East crude supplier said, adding that the requests are for cargoes loading in August and September. A source at an Asian refiner said the official selling prices (OSPs) for Middle East crude are lower than spot levels, making it more economical to seek more term supplies. Two sources at Indian refineries said they will be receiving more July-loading term crude supply from Middle East suppliers as they anticipate lower supplies from Russia. The sources declined to be named as they are not authorised to speak to the media. Producers such as Saudi Aramco ( opens new tab, Abu Dhabi National Oil Co (ADNOC) and Iraq's SOMO typically notify term customers on their allotted volumes a month before cargoes are due to load. It is not immediately clear if the producers will supply more oil, three sources said, although one of them pointed to rising output from the bloc. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are unwinding supply cuts, planning to increase output by 1.37 million barrels per day between April and July.
Iraqi News
12-06-2025
- Business
- Iraqi News
Iraq's oil production fall by 59,000 barrels per day
Baghdad ( – A senior Iraqi official at the State Organization for Marketing of Oil (SOMO) revealed on June 2 that the country's oil output in May declined by 59,000 barrels per day as Iraq plans to accelerate measures to compensate for prior overproduction. Iraq's oil production quota rose by 49,000 barrels per day in May, reaching a total of 4.049 million barrels per day, as reported by S&P Global. Since April 2024, eight OPEC+ countries, including Iraq, have resumed their voluntary production cuts of 2.2 million barrels per day. The production limit was set to rise to 411,000 barrels per day in May, June, and July 2025. However, this increase coincides with its compensation plan, which is supposed to compensate for serial overproduction in 2024. In the most recent plan, announced by the OPEC secretariat in Vienna in April, Iraq pledged to produce oil less than its quota by 140,000 barrels per day in May. The volume of crude oil that Iraq exported by sea declined to 3.27 million barrels per day in May 2025 compared to 3.30 million barrels per day in April 2025. According to government sources, Iraq's oil exports in May and June 2025 are expected to be less than 3.2 million barrels per day to meet its OPEC+ production quota. During the first five months of 2025, Iraq's crude oil exports averaged approximately 3.33 million barrels per day, compared to 3.45 million barrels per day during the same period in 2024.
Yahoo
08-06-2025
- Sport
- Yahoo
Patrick Mahomes Shares Big Personal Announcement on Friday
Patrick Mahomes Shares Big Personal Announcement on Friday originally appeared on Athlon Sports. Patrick Mahomes already started preparing for the upcoming campaign with the Kansas City Chiefs. The six-time Pro Bowl quarterback is looking to make things right this coming season following the Chiefs' heartbreaking loss to the Philadelphia Eagles in the Super Bowl. Advertisement Mahomes has been taking part in the team's voluntary Organized Team Activities (OTAs) at the Chiefs' practice facility, which precedes the mandatory minicamp on June 17. Despite his commitments to his team, Mahomes still made time to attend to his extracurricular activities off the field. This includes the good work he does with the 15 and the Mahomies Foundation, which is a non-profit organization that is "dedicated to improving the lives of children." On Friday, Mahomes took to social media to share a big announcement from his foundation about a partnership with Special Olympics Missouri (SOMO). "@15andmahomies is proud to support Special Olympics Missouri on their journey to the 2026 USA Games in Minneapolis! ❤️ We're honored to stand with these incredible athletes as they train, compete, and inspire.🌟" read the post, which Mahomes shared on his Instagram stories. More details on the partnership were revealed in the official announcement on the foundation's website. Through his foundation, Mahomes will help support SOMO athletes who will take part in the upcoming 2026 Special Olympics USA Games on June 20 to 26 in Minnesota. Advertisement 'Special Olympics Missouri's mission aligns with the mission of my foundation; we have provided grants for SOMO and its programs for the past five years. With the USA Games coming up, we wanted to help eliminate the financial barriers.' said Mahomes, via the press release. 'We asked for the three greatest needs SOMO was facing. Travel and lodging are at the top of the list, so that is the area we are addressing.' Kansas City Chiefs quarterback Patrick Mahomes II cheers during the second half of the game between the Dallas Mavericks and Denver Jairaj-Imagn Images SOMO President and CEO Larry Linthacum also issued a statement thanking Mahomes and his foundation for their support. 'We are incredibly grateful to Patrick Mahomes and the 15 and the Mahomies Foundation for partnering with Special Olympics Missouri to support our athletes on their journey to USA Games,' said Linthacum. Advertisement "At Special Olympics Missouri, we believe we are stronger together, and impactful partnerships like this help us transform lives and create a more unified world through sports.' 15 and the Mahomies Foundation's partnership campaign with SOMO runs from June 4 to December 31, 2025. Willing donors can make their monetary contributions via SOMO's website, with the proceeds being used to support the athletes' travel and lodging expenses. Related: Patrick Mahomes' Physical Appearance Draws Attention on Tuesday Related: Brittany Mahomes Reacts to Patrick Mahomes' Big Move on Wednesday Related: Patrick Mahomes' Wordless Reaction to Chiefs' New Post This story was originally reported by Athlon Sports on Jun 7, 2025, where it first appeared.
Zawya
26-05-2025
- Business
- Zawya
Iraq may invest in overseas oil refineries
Iraq is exploring investments in high-capacity overseas oil refineries to secure steady crude sales and maximise revenues, with a particular focus on fast-growing Asian markets, a senior oil official has said. Nizar Al-Shatri, Director General of the State Oil Marketing Organization (SOMO), said, "Nearly 75 percent of Iraq's oil exports are directed to Asia, citing the region's accelerating demand and expanding refining capacities, especially when compared to European and North American markets." China, India, South Korea, Indonesia, and Malaysia remain Iraq's top crude buyers, he said, quoted by the Saudi Asharq news agency on Sunday. Al-Shatri explained that investing in foreign refineries would allow Iraq to secure fixed refining quotas, shielding exports from market volatility. 'We aim to work with reputable clients who operate high-capacity refineries in various markets to absorb price fluctuations without affecting export volumes,' he said. SOMO is currently pursuing long-term partnerships with major refiners across Asia, Europe, the Americas, and several African markets, he noted. These deals typically allow Iraq to sell crude at official prices, while benefiting from price differentials during market surges—taking 65 percent of the profit, with partners retaining 35 percent. In case of losses, the foreign partner bears the cost. Al-Shatri reaffirmed Iraq's commitment to OPEC+ quotas, stating that the country respects its production ceiling—currently set near 4 million barrels per day (bpd), though Iraq's full production capacity is closer to 5.5 million bpd. He revealed that in 2024, Iraq exported approximately 1.2 billion barrels of oil, generating $97 billion, nearly 90 per cent of the country's total budget revenues. (Writing by Nadim Kawach; Editing by Anoop Menon)
