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Iraq marks a major shift in its oil-export strategy as the state-owned Iraqi Oil Tankers Company transports 2 million barrels of crude through the Strait of Hormuz using a state-arranged VLCC. The move reduces reliance on the traditional FOB Basra model, allowing Iraq to assume maritime risk and secure better pricing from international buyers amid rising insurance and security costs. Iran reportedly grants Iraq a special transit exemption through a monitored northern corridor. Iraq also plans to expand its tanker fleet, strengthening SOMO’s ability to deliver crude beyond the Persian Gulf and compete regionally.
Saturday, 3 October, 2026