The Department of Petroleum Engineering at the College of Engineering – University of Baghdad organized a specialized scientific seminar delivered by Professor Ali Nizar Al-Shatri, Director General of the Iraqi State Organization for Marketing of Oil (SOMO). The seminar addressed the mechanisms of the organization’s work in allocating and pricing Iraqi crude oil.
The seminar was held on Sunday, March 1, 2026, at 9:00 a.m. in the Mahdi Hantoush Hall at the College of Engineering. It was attended by the Assistant President of the University of Baghdad for Scientific Affairs, Prof. Dr. Suhail Najm Abdullah, the Dean of the College of Engineering, Prof. Dr. Ghassan Hameed Abdul-Majeed, and Prof. Dr. Falih Hassan, Assistant Dean for Administrative Affairs, in addition to a number of faculty members, researchers, undergraduate and postgraduate students, and individuals interested in the oil and economic sectors.
This seminar was organized within the activities of the SPE Student Chapter – College of Engineering, University of Baghdad, as part of its continuous efforts to strengthen scientific communication between students and national oil institutions, and to link academic knowledge with practical applications in the oil and gas sector.
During the seminar, Al-Shatri reviewed the strategic role played by SOMO as the entity authorized to market Iraqi crude oil. He explained the mechanisms of marketing and allocating oil exports to global markets, particularly the main markets in Asia, Europe, and the Americas, in accordance with supply and demand dynamics in international markets.
He also discussed the mechanisms used to calculate and price exported Iraqi crude oil, explaining the concept of the Official Selling Price (OSP) and the monthly price announcement mechanism. In addition, he highlighted the forward pricing approach and the role of global benchmark crudes in determining the final price, taking into account crude quality, API gravity, and shipping costs.
The seminar also addressed the financial and technical standards adopted in crude oil pricing, including the use of advanced analytical models to compare Iraqi crude prices with global benchmarks, with the aim of achieving the best possible returns for the national economy. It also included an explanation of long-term contracting mechanisms, the allocation of entitlements for service contract contractors, and SOMO’s role in meeting local market needs.
At the conclusion of the seminar, Professor Ali Nizar Al-Shatri affirmed the commitment of the Iraqi State Organization for Marketing of Oil to enhancing transparency and efficiency in marketing and pricing operations. He also praised the role of Iraqi universities, particularly the College of Engineering at the University of Baghdad, in preparing specialized scientific competencies and supporting the oil and gas sector with national expertise.
