Iraq to Boost China Oil Sales by 60% as OPEC Giant Eyes Asia
- SOMO sees China taking 1.45 million barrels a day next year
- Iraqi firm’s venture with Zhenhua to expand into oil trading
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Iraq aims to supply China with about 60 percent more crude next year, as OPEC’s second-biggest supplier double downs on its main market in Asia, according to the head of the state-run Oil Marketing Co.
Iraq is ready to ship about 1.45 million barrels a day to China in 2019, based on conversations with existing long-term customers, Alaa Al-Yasiri, director general of the company known as SOMO, said in an interview in Shanghai on Monday. That compares to current sales of 900,000 barrels to ten term buyers that include state traders Chinaoil and Unipec, he said on the sidelines of the China International Import Expo.