Iraq Oil Exports Rebound Amid Iran Approval and Discounts

Iraq's oil exports rebounded in August to approximately 2.34 million barrels per day, up from about 1.35 million bpd in July, according to a Reuters report.

The recovery comes after near-closure of the Strait of Hormuz since the Iran war began on February 28 sharply reduced Iraq's oil exports.

Tehran granted permission for several Iraqi oil tankers to pass through the Strait of Hormuz, allowing Iraqi state oil marketer SOMO to offer August-loading cargoes from the Basrah terminal at discounts of $25 to $30 a barrel on a free-on-board basis.