Iraq can redirect more crude exports to Europe if needed: SOMO source

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Iraq’s state-owned marketer SOMO can redirect more crude oil exports to Europe if required, a company source told Reuters on Tuesday.

SOMO began increasing exports to Europe in June, the source said, adding that Iraq has adjusted export flows as a result of increased competition in Asian markets.

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India and China have stepped up Russian oil purchases as western oil importers shun trade with Moscow following its invasion of Ukraine in February, which it calls a “special military operation.”

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