After being exempted from the Strait of Hormuz restrictions, Iraq urges its clients to submit oil loading schedules.
Iraq’s State Oil Marketing Organization (SOMO) has urged its customers to expedite the submission of crude oil loading schedules within 24 hours, following Iraq’s exemption from any Iranian restrictions on transit through the Strait of Hormuz.
The company confirmed that all loading stations, including the Basra Oil Station, are ready to operate at full capacity and implement contractual lifting programs without restrictions.
The resumption of exports is expected to help support production in Iraq, an OPEC member, which fell last month to around 800,000 barrels per day.
On the other hand, uncertainty still surrounds the extent to which ship owners are willing to enter the Arabian Gulf to load oil, given the ongoing tensions and war between the United States and Israel on one side, and Iran on the other, and the security risks it poses to maritime traffic.
Shafaq.com