Iraq’s state tanker firm moves crude through Hormuz strait

Iraq's state-owned Oil Tanker Company has transported 2 million barrels of crude oil through the Strait of Hormuz, marking the company's first such operation in decades, according to its director general on Saturday. The shipment signifies a shift in the company's operations, which now transport crude through the strait rather than delivering it at Basra port.

This change grants state oil marketer SOMO increased flexibility in selecting sale locations and methods for Iraqi crude. Ali Qais Abdul Jabbar, the company's director general, stated in a statement that the new arrangement could enable SOMO to obtain better sales and pricing opportunities. The Oil Tanker Company is actively working to purchase and operate specialized crude oil tankers to expand its fleet and enhance its competitive edge against regional shipping companies, as per Abdul Jabbar.