Iraq Oil Exports Surge Through Hormuz Strait Amid Discounts and Iranian Permission

Iraq's oil exports have more than doubled via the Strait of Hormuz in August, rising to 2.34 million barrels per day from 1.35 million bpd in July.

The increase is attributed to discounts offered by Iraq and permission granted by Iran for Iraqi oil tankers to transit the chokepoint.

This development benefits Asian refiners, particularly those in India and China, which are geared to process heavier and higher-sulfur crude from Iraq.

Chinese refiners alone have bought at least 16 million barrels of Basrah crude for September delivery.