Iraq ships 2 million barrels of crude oil through the Strait of Hormuz for delivery

Iraq Oil Tanker Company confirmed on the 3rd that it has used a large oil tanker to transport 2 million barrels of crude oil out of the Strait of Hormuz, delivering to buyers waiting outside the strait. According to company executives, this is the first time in decades that this state-owned company has made a delivery using this method. It is reported that other Gulf oil-producing countries have long adopted ship-to-ship transfer methods for deliveries outside the strait, meaning Iraq is "late to the game." Ali Qais Abdul Jabbar, President of Iraq Oil Tanker Company, stated in a statement that the ship-to-ship transfer method allows the National Oil Marketing Organization greater initiative and flexibility in oil sales and pricing. Previously, Iraq mainly delivered to buyers at the southern oil port of Basra. Since the outbreak of conflict in Iran, shipping in the Strait of Hormuz has been disrupted. To encourage buyers to "pick up cargo," Iraq has offered a discount of more than $20 per barrel. (CCTV News)