Iraq is in talks with Exxon Mobil for oil storage cooperation in Asia and key markets

Iraq is in talks with Exxon Mobil for oil storage cooperation in Asian and other crude oil sales markets. This move aims to secure access to relevant storage facilities to ensure a continuous supply of oil to customers during times of crisis. Ali Nizar, General Manager of the Iraqi National Oil Marketing Company, stated to reporters in Baghdad that the company is considering establishing storage sites in Singapore and "all areas with opportunities to cover key markets," while also listing the United States as one of the potential options. Nizar pointed out that setting up storage facilities outside Iraq would help SOMO mitigate the impacts of regional crises—such as the tensions in the Strait of Hormuz earlier this year, which raised the risk of oil supply disruptions. He revealed that Iraq is currently evaluating two cooperation models: participating in the construction of storage facilities or utilizing the infrastructure of existing refineries for storage operations. "We need to create a stable market environment for Iraqi crude oil while establishing a comprehensive strategic reserve system for Iraqi crude oil and petroleum products in the future," Nizar stated. Saudi Arabia has also previously established oil storage sites outside the region. Earlier this year, the conflict between Israel and Iran posed a threat to the critical shipping route of the Strait of Hormuz, and Saudi Arabia successfully increased its export volume by transferring oil to areas outside the Persian Gulf