Iraq Hikes Oil Exports via Hormuz in Boon for Asian Refiners
OPEC’s second-largest producer, Iraq, more than doubled its crude oil exports via the Strait of Hormuz in August as it offered month-watering discounts for loadings at Basrah in the Persian Gulf and Iran allowed Iraqi oil cargoes to transit the chokepoint. Iraqi oil exports jumped to some 2.34 million barrels per day (bpd) in August from 1.35 million bpd in July, two Iraqi energy officials told…
Iraq's crude oil exports via the Strait of Hormuz more than doubled in August, reaching approximately 2.34 million barrels per day. This increase is attributed to discounts offered by Iraq for loading at Basrah and Iran allowing Iraqi oil cargoes to pass through the crucial chokepoint. Although still below pre-war levels of over 3.5 million bpd, the higher export volumes would benefit Asian refiners dealing with Iraq's heavier and higher-sulfur crude.
The surge in exports comes after Iran granted permission for select oil tankers to transit the Strait of Hormuz, easing Baghdad's export bottleneck. Iraq's economy, heavily reliant on oil, has been struggling amid the crisis, with the closure of the Strait of Hormuz forcing the country to slash oil production and slash exports from Basrah.
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