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Bharat Petroleum to receive first Iraqi oil in 5 months
India's Bharat Petroleum company has announced that it is preparing to receive its first Iraqi oil shipment within five months, after the tanker passes through the Strait of Hormuz. This comes as part of efforts to ensure the continuity of oil supplies despite logistical challenges associated with passage through the strait. The crude transfer will take place from one vessel to another in the Emirate of Fujairah, based on flexible logistical arrangements, with significant discounts on Basra crude to encourage purchase amid the high risks and costs involved. This development indicates a resumption of Iraqi oil flows to Asian markets despite disruptions in the maritime corridor, highlighting the logistical challenges and costs related to shipping through the Strait of Hormuz.
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