Iraq Transports 2 Million Barrels of Oil Through Strait of Hormuz After Decades

Iraq's state-owned Oil Tanker Company has successfully transported 2 million barrels of oil through the Strait of Hormuz using a very large crude carrier, a step that will provide flexibility in sales.

Historic Voyage in the Strait of Hormuz

In a first after decades, Iraq's state-owned Oil Tanker Company transported 2 million barrels of oil from the Strait of Hormuz using a very large crude carrier.

New Flexibility in the Sales Process

The company's shift from delivering oil at the Port of Basra to transporting it through the Strait of Hormuz will provide Iraq's state oil marketing company, SOMO, with greater flexibility in oil sales.

General Manager Ali Qais Abdul Jabbar stated that this practice could enable SOMO to benefit from more advantageous sales and pricing opportunities.

Fleet Expansion and Competitiveness Goals

The Iraqi Oil Tanker Company is working to acquire specialized crude oil tankers in order to expand its fleet and increase its competitive edge against maritime transport companies in the region.

Permits and Past Process

Iraq had previously obtained permission from Iran for Iraqi oil tankers to pass through the Strait of Hormuz.