Iraq ships 2 million oil barrels outside Hormuz
Iraqi National Oil Company announced the completion of its first transfer of six million barrels of crude oil via a giant vessel outside the Strait of Hormuz in decades, in response to directives from the Prime Minister's Office and the Ministry of Oil. The operation aims to reduce reliance on traditional transportation methods and increase flexibility in oil sales, as the company successfully secured a giant carrier to transport oil directly beyond the Strait. This allows the State Oil Marketing Organization (SOMO) to improve its sales and pricing strategies. This step is part of Iraq’s efforts to raise oil production to 10 million barrels per day over the next five years, while enhancing its capacity to transport and export oil independently and competitively.
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