Baghdad Navigates Persian Gulf for Oil Transit
The Iraqi Ministry of Oil has begun to establish new arrangements to ensure the export of oil outside the Strait of Hormuz, as part of efforts to address the ongoing risks threatening the movement of oil tankers in the region. The state oil marketing company "SOMO" has issued a new tender to sell batches of Basra crude for loading in September, based on a mechanism focused on transporting oil outside the Strait. These measures come amid regional tensions that are affecting global oil export routes.
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