Nobody, especially not Iraq, wants to be caught relying on Hormuz ever again. Iraq is preparing to export crude oil and naphtha through Syria’s Mediterranean port of Baniyas, expanding an emergency workaround that emerged after the closure of the Strait of Hormuz disrupted the country’s primary export routes and left storage tanks filling up. According […]
Iraq is preparing to boost oil exports from its southern ports with a formal deal to open the Strait of Hormuz scheduled to be signed on Friday.
Most oil producers in the Middle East will see their crude oil production surge by double-digit percentages next year, rebounding from this year’s shut-ins due to the Iran war and the closed Strait of Hormuz.
Three supertankers laden with crude oil successfully exited the Strait of Hormuz last week, carrying Iraqi and Emirati oil, Reuters has reported, citing data from Kpler and LSEG. The vessels switched off their transponders to avoid detection.
OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz.
Crude oil production from Iraq’s southern fields has dropped by 70% since the start of the U.S. and Israeli war on Iran, with the average daily production at 1.3 million barrels, compared with 4.3 million barrels daily before the war began.
Iraq’s cabinet has approved an agreement with Russia’s Lukoil to transfer oil production operations at the West Qurna 2 field to Basra Oil Company, marking a major shift in management of one of the country’s largest upstream assets.
Iraq’s Ministry of Oil announced the full operation of new refineries at 100% production capacity. Officials said the move marks a major shift in producing high-quality refined fuels.
Iraq seeks a replacement for Lukoil at West Qurna 2 to protect exports and attract new foreign partners.
The KM250 project adds 250 million standard cubic feet per day (MMscf/d) of new processing capacity, boosting Khor Mor’s total output to 750 MMscf/d—a 50% increase. The expansion will significantly strengthen power generation across the KRI and contribute to Iraq’s broader electrification goals by delivering cleaner-burning natural gas to regional power plants.