Ministry of Oil Closely Monitors Global Market Developments Following Maritime Tensions

The Iraqi Ministry of Oil issued an explanatory statement confirming its real-time and intensive monitoring of the rapid developments in global energy markets and the noticeable rise in benchmark crude prices. The Ministry affirmed Iraq's complete commitment, in cooperation with its partners in the OPEC Plus organization, to ensure the stability and balance of the oil market amidst the current regional circumstances and waterway closures. Officials in the National Oil Marketing Company (SOMO) stated that export plans are proceeding according to pre-established schedules, and that logistical alternatives are being studied to guarantee the delivery of shipments to international clients without delay. The government considers this price surge an additional revenue that will be utilized in accordance with the provisions of the budget law to strengthen the state's financial position, while continually emphasizing the need to isolate energy markets from geopolitical conflicts to ensure the security of supplies for the global economy.