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03.04.26 - 05:42
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Iraq Revives Syria Land Route, Post-Assad, To Export Oil To Europe (ZeroHedge)
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Iraq Revives Syria Land Route, Post-Assad, To Export Oil To Europe
Via Middle East Eye
Iraq has restarted overland oil exports through Syria, marking a significant shift in regional energy logistics as the US-Israeli war on Iran continues to wreak havoc on traditional shipping routes through the Strait of Hormuz.
Ali Nazar, director general of Iraq's state oil marketer Somo, said on Wednesday that the company had agreed to export 50,000 barrels per day of Basra medium crude via Syria to the Mediterranean, with plans to increase volumes. The crude will reach European markets through the Syrian port of Baniyas.
AFP/Getty Images
Syria's state news agency SANA reported that fuel convoys had begun entering the country through al-Tanf crossing, signalling what it described as a renewed role for Syria as a transit hub. The Syrian Petroleum Company said it would store the shipments before transferring them to Baniyas for export.
Safwan Sheikh Ahmad, the company's communications director, sai...
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18.03.26 - 09:00
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Oil price falls after Iraq ′signs deal′ to resume exports via Turkey – business live (The Guardian)
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Rolling coverage of the latest economic and financial newsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The conflict in the Middle East continues to grip the markets, as ship traffic through the strait of Hormuz continues to be slowed by the crisis.This morning, oil is sharply down on news that Iraq signed a deal to resume oil exports via Turkey, bypassing the Strait of Hormuz, while Saudi Arabia is also rerouting exports toward the Red Sea. The region is reorganizing, preparing for the possibility of a prolonged conflict.Restoring oil exports fully will take time, and we may soon see physical-market shortages — likely keeping oil prices under upward pressure. Yet, as flows adapt to alternative routes, the initial surge in oil prices seen at the start of the war could ease.There is also a bit more calm in markets at the moment and a small hint that there is a decoupling from the price of oil as the last 24 hours have seen more positive risk ma...
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17.03.26 - 14:30
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Iraq Negotiates With Iran To Reopen Vital Oil Shipping Route (ZeroHedge)
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Iraq Negotiates With Iran To Reopen Vital Oil Shipping Route
Authored by Tsvetana Paraskova via OilPrice.com,
The federal Iraqi government is in contact with Iran to persuade Tehran to allow some Iraqi oil tankers to pass through the Strait of Hormuz, Iraq's Oil Minister Hayyan Abdul Ghani said on Tuesday.
“There is communication with Iran regarding allowing the passage of some Iraqi oil tankers,” the minister said in statements carried by the Iraqi News Agency (INA).
Iraq, unlike Saudi Arabia and the United Arab Emirates (UAE), doesn't have any options – even partial – to bypass the Strait of Hormuz, which has been closed for over two weeks now, forcing Baghdad to slash oil production as storage sites and tankers available in the Gulf filled up.
Iraq was the first to announce more than a week ago it was slashing crude oil production amid the de facto blockade of the Strait of Hormuz.
Last week Iraq said it would maintain crude oil production at roughly 1.4 million barrels p...
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