Iraq says it transported 2 million barrels of crude through Strait of Hormuz
The state tanker company is seeking its own crude carriers to improve control over deliveries and pricing, officials said.
- The Iraqi Oil Tankers Company transported 2 million barrels of crude on a VLCC through the Strait of Hormuz, an operation Director General Ali Qais said was the firm's first such voyage in decades.
- Routing cargo through the strategic waterway instead of Basra Port grants Iraq "better sales and pricing opportunities," allowing the state oil marketer to navigate shipping uncertainty during the wider regional conflict.
- Regional shipping remains volatile, with total flows through the Strait falling to 6.02 million barrels per day in September, less than a third of February's levels due to ongoing confrontations.
- To compete with regional peers, the company is negotiating to purchase specialized crude tankers "as soon as possible," aiming to reduce reliance on third-party carriers and regain logistical control.
- Baghdad depends on oil for at least 90 per cent of state revenue, with the government planning to increase total export capacity to 5 million barrels per day through diversified routes including Fishkhabour and Baniyas.
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Iraq is changing its strategy, and for the first time in a long time, the state oil company has sent a supertanker from the Persian Gulf through the Strait of Hormuz. The state's sending of the tanker is also related to the high fees that carriers are charging due to the risk in the strait as a result of the conflict between the United States and Iran. Bloomberg reported.
First time in decades Iraq set to move its oil beyond the Strait of Hormuz
Iraq's Oil Tankers Company has recently arranged for a Very Large Crude Carrier to transport oil. This shipment of 2 million barrels is significant as it travels beyond the Strait of Hormuz. Previously, buyers handled shipping from Basra in the Persian Gulf, but now the company is managing exports. This change aims to offer better access to refiners cautious about the strait.
Iraq SAILS Two Million Barrels Through Hormuz as Iran Speaker Qalibaf Says Strait Stays Shut
Iraq's state oil tanker company says it moved two million barrels of crude through the Strait of Hormuz aboard a very large crude carrier, while Iran's parliament speaker insists the waterway will not reopen until Tehran's conditions are met.
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