Economic Expert: "SOMO" Successfully Overcomes Strait of Hormuz Crisis Through Alternative Export Plans

mesoiraq - Economic expert Nabil Al-Marsoumi confirmed on Wednesday, September 2, 2026, that Iraq's success in exporting 2.340 million barrels per day of crude oil reflects the efficiency of the State Organization for Marketing of Oil (SOMO) in managing the Strait of Hormuz closure crisis. Al-Marsoumi explained that this rate represents approximately 71% of total pre-crisis exports, demonstrating the company's flexibility and high adaptability through the implementation of competitive pricing policies and calculated discounts. He praised the new mechanisms adopted in shipping operations, which rely on using small oil tankers to bypass the strait and subsequently reselling the shipments at prices that support and bolster the state's financial revenues.