Iraqi Oil Tanker Company Transits Strait of Hormuz with 2 Million Barrels
The Iraqi state-owned Oil Tanker Company has made its first shipment of crude oil through the Strait of Hormuz in decades. A Very Large Crude Carrier (VLCC) transported 2 million barrels of Iraqi crude oil, giving the company's state oil marketer SOMO more flexibility to sell and price the oil. According to Director-General Ali Qais Abdul Jabbar, this move allows SOMO to take advantage of better sales and pricing opportunities.
The Oil Tanker Company is also working to expand its fleet by buying and owning specialized crude oil tankers. This will help strengthen its ability to compete with regional shipping companies. Iraq had previously secured permission from Iran for its oil tankers to transit the Strait of Hormuz, which was closed during the conflict between the US and Iran.