Iraq oil exports rise in August amid discounts and Iran approval
Iraq increased its oil exports in August, with September shipments also expected to rise, as large discounts and Iranian permission for its tankers to pass through the Strait of Hormuz attracted buyers, according to a Reuters report. The export recovery for OPEC’s second-largest producer, which had been sharply reduced by the near-closure of the Strait ...
Iraq's oil exports surged in August, with September expected to see further increases, due to substantial discounts offered by the Iraqi state oil marketer and Iran's approval for its tankers to navigate the Strait of Hormuz, according to a Reuters report. This export resurgence, for the second-largest OPEC producer, follows the strait's near-closure since the Iran conflict ignited on February 28, enhancing the supply of heavy, high-sulphur crude to major importers like China and India.
Iraqi oil exports skyrocketed to around 2.34 million barrels per day in August, compared to roughly 1.35 million bpd in July, the report stated. Preliminary data from shiptracking firms Vortexa and Kpler also indicated Iraqi crude exports of 2.3 million and 2.17 million bpd in August, respectively, up from July's levels but still below February's pre-war figures of 3.7 million and 3.362 million bpd.
Tehran granted several Iraqi oil tankers permission to pass through the Strait of Hormuz, as reported last week by Iran's state news agency IRNA. Iraqi state oil marketer SOMO provided August-loading cargoes from the Basrah terminal at discounts of $25 to $30 per barrel on a free-on-board basis.
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