Iraq has notified Asian traders and refiners that they can proceed with loading the country’s crude oil, as vessels carrying Iraqi oil are now permitted to pass through the Strait of Hormuz following an exemption granted by Iran. However, the move will test buyers’ confidence in this security assurance.
In a notice issued on Sunday, Iraq’s State Organization for Marketing of Oil (SOMO) cited media reports stating that Iraqi crude shipments are now "free from any potential restrictions."
The agency requested buyers to submit lifting plans, including vessel details and requested shipment volumes, and noted that all loading terminals, including Basra, are operating "at full capacity." Customers were asked to respond within 24 hours.
SOMO did not immediately respond to requests for comment. It remains unclear whether the reported arrangement applies to all Iraqi crude or only to the country’s tankers. Buyers expressed caution in response.
Over the weekend, Iran stated that Iraq has been granted an exemption from shipping restrictions around the key waterway. An Iranian military spokesperson did not specify which tankers or cargoes would be covered by the exemption, but the tanker Ocean Thunder, carrying one million barrels of Iraqi crude, passed through the narrow strait on Sunday.
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