2 Days
Source:
Sky News
Iraq Looks for Non-Gulf Oil Exports
The Iraqi Council of Ministers has approved a new mechanism for exporting crude oil through local and international companies, utilizing various export outlets. The aim is to reduce reliance on the Strait of Hormuz and to diversify shipping routes. Contracts under this mechanism will be valid for three months starting from September 1st, as part of Iraq's efforts to maintain greater flexibility in marketing its oil, especially amidst tensions with Iran and the closure of the strait, which impacts oil flows. This move comes amid Iraq's attempts to develop alternative routes, including through Turkey and Syria, to lessen exposure to risks associated with navigation in the Gulf. Iraq is the second-largest oil producer in OPEC and heavily depends on its exports via southern ports, making it vulnerable to disruptions in the Arabian Sea. The government has not disclosed the names of companies, the quantities, or the ports involved in these contracts yet.
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