Oil exports ended 2020 on a relative high note, but the year saw federal Iraq post its lowest annual export volumes since 2014 and worst revenue total in more than a decade.

Despite ongoing OPEC-plus efforts to limit global supply, Iraq increased oil output as the government desperately seeks revenue to narrow record deficits.

Countrywide exports of 3.143 million bpd suggest Iraq has reduced output, with OPEC-plus members insisting on full quota compliance as they consider extending cuts.

A new proposal from SOMO asks crude buyers to pay up front for a year's worth of exports to secure a 5-year supply — part of Iraq's response to a cash-flow crisis.

SOMO is using the launch of its new Basra Medium crude grade as an occasion to revamp the specifications for its flagship Basra Light and Basra Heavy, too.

Iraqi crude output increased by 150,000 bpd as the Oil Ministry struggles to balance between meeting OPEC obligations and addressing a severe cash shortage.