The Iraqi oil marketing company (SOMO) signed a contract as a "joint venture" with Litasco Russian Company, to market crude oil.
The Iraqi Oil Ministry said in a statement that the joint venture between Sumo and Litasco will contribute to the sale of Iraqi oil and the training of Iraqi employees in the field of marketing. Litasco has a representative office in Iraq, where it is one of the largest foreign companies operating in oil production in Iraq, according to the website of the Moscow-based company.

SOMO manages exports from areas under the control of the central government in Iraq, while the KRG sells the oil produced by the region in the north of the country independently. The two governments share production from a disputed field in the northern Kirkuk area. Last week, SOMO said its average oil exports were 3.756 million bpd in March. Iraq is the second largest producer of the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia.

On the other hand, oil prices settled in futures on Monday as Libya's output recovered earlier this week, dampening Asian economic data and encouraging strong energy demand from the region. Brent crude futures rose 4 cents to $ 53.57 a barrel by 0925 GMT. US Intermediate WTI futures advanced 8 cents to $ 50.68 a barrel.

Production resumed at the Sharara field, Libya's largest oilfield, on Sunday after a week-long halt. The field's production was about 80,000 barrels per day on Sunday, compared to 220,000 bpd before March 27.