Iraq ships 2 million barrels past Strait of Hormuz
Iraq is switching up its oil game by shipping crude past the Strait of Hormuz, a move it hasn't made in decades.
Instead of letting buyers handle shipments from Basra, Iraq is now sending out a massive tanker itself, loaded with 2 million barrels.
The idea? Give buyers options that avoid the strait and help Iraq reach refiners reluctant to send vessels through Hormuz and secure better prices.
Iraq move could attract refiners
By offering routes beyond Hormuz, Iraq hopes to win over refiners who usually steer clear of that area.
This could mean better prices and fewer discounts at southern ports.
As Director General Ali Qais Abdul Jabbar puts it, this shift could help Iraq reach refiners reluctant to send vessels through Hormuz and secure better prices.
It's a big step for its export policy, and could shake things up for anyone following energy news.