Iraq approves three month mechanism to export crude via local, international firms

Iraq's cabinet has approved a new three-month mechanism, effective September 1, for exporting crude oil through specialized international and local companies via multiple outlets. This initiative aims to diversify Iraq's oil export channels and maintain marketing flexibility amidst regional disruptions, including the Iran war and the closure of the Strait of Hormuz. Iraq, OPEC's second-largest producer, is developing alternative routes, such as those through Turkey and Syria, to lessen its dependence on traditional southern Gulf terminals and mitigate exposure to Strait of Hormuz disruptions. The government has not yet disclosed details on selected companies, export volumes, or specific outlets.