Iraq Looks for Oil Routes Away from Hormuz

The Iraqi Cabinet approved a new mechanism for exporting crude oil through local and international companies via various export outlets. The aim is to diversify shipping routes and reduce reliance on the Strait of Hormuz, which frequently experiences closures and negative impacts on oil exports. The mechanism will be in place for three months starting from September and comes amid current circumstances characterized by war with Iran and the blockade of the strait, which disrupt oil flows and threaten Iraq's revenues. The government did not reveal the names of the participating companies or specific quantities, but the move seeks to enhance the flexibility of Iraqi oil marketing and mitigate security and logistical risks.

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