Al-Saadi: International companies have apologized for not transporting Iraqi oil through the Strait of Hormuz for security reasons.
Economic expert Rashid al-Saadi revealed on Friday that international companies specializing in transporting petroleum products have apologized for not being able to transport Iraqi oil through the Strait of Hormuz due to security concerns and increased fuel costs.
Al-Saadi told the Information Agency, “The international companies specializing in exporting petroleum products from Iraq to other countries have apologized to the relevant authorities for their inability to continue this task due to the dangerous security situation in the Strait of Hormuz.”
He added, “Iraq’s exemption from the embargo imposed on the Strait of Hormuz remains in effect, but foreign companies have refused to continue transporting Iraqi oil through the Strait of Hormuz due to increased insurance costs, fuel expenses, and the risks associated with using the strait.”
He pointed out that “Iraq relies on the Strait of Hormuz for 90% of its oil exports,” and emphasized that “Iran’s facilitation of Iraq’s use of the Strait of Hormuz to export its oil to various countries around the world remains in effect without imposing any security or navigational restrictions.”
Almaalomah.me