Iraq Oil Tanker Company Ships Crude Through Hormuz
Iraq's state-owned Oil Tanker Company transported 2 million barrels of crude oil through the Strait of Hormuz for the first time in decades.
The Iraq Oil Tanker Company transported 2 million barrels of crude oil through the Strait of Hormuz using a very large crude carrier. This operation marks the first shipment of its kind by the state-owned firm in decades, representing a strategic shift from the previous practice of delivering crude oil at the port of Basra.
This operational change provides the State Organization for Marketing of Oil with increased flexibility regarding sales destinations and pricing opportunities. By bypassing the traditional delivery point, the state oil marketer can better optimize its market position.
To build on this development and improve its competitive standing against regional shipping firms, the Oil Tanker Company is working to purchase and operate additional specialized crude oil tankers to expand its fleet.
