The Iraqi Oil Minister announces plans to purchase oil tankers and export more than 3 million barrels per day

The minister added: “The Ministry of Oil, in coordination with the government, is seeking to allocate financial allocations from the budget to purchase oil tankers for the Iraqi Oil Tanker Company (IOTC). This would allow the company to develop and take over crude oil transportation operations.”

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The minister stressed that thanks to its fleet of tankers, the Iraqi company will be able to increase export operations and profits.

The minister pointed out that at the end of September, Iraq exported more than three million barrels of oil per day. In August, the volume of Iraqi oil exports reached 70 million barrels, which is much higher than the July index of 42 million barrels per month, but still below the level recorded before the war between Iran and the United States, which was more than 99 million barrels per month.

Iraq currently exports its oil through multiple routes imposed by the repercussions of the closure of the Strait of Hormuz as a result of regional tensions, namely the Kirkuk-Ceyhan pipeline, in Turkey, as well as through land trucks (tanks) that transport hundreds of thousands of barrels daily through neighboring countries such as Syria (to the port of Baniyas) and Jordan. Likewise, exports are currently taking place through the Strait of Hormuz gradually and continuously, after months of almost complete cessation and severe disruption.