Iraq, Syria Revive Oil Pipeline Shut Since 2003 in Bid to Bypass Strait of Hormuz After Iran War Disrupts Exports

Benzinga_recent_news07-18 10:19

On Friday, Iraq and Syria agreed to revive a long-idled oil pipeline linking northern Iraq to Syria’s Mediterranean coast as Baghdad looks to reduce its reliance on the Strait of Hormuz following ...

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It has remained offline since it was damaged during the 2003 U.S. invasion of Iraq.\n“There is so much room to drive improvement in Iraq, to raise oil production, to reduce dependencies on hostile neighbors, to bring freedom, prosperity and abundant energy to the nation of Iraq,” Wright said before the signing.\nThe agreement comes as Iraqi Prime Minister Ali al-Zaidi visits the U.S. this week, where he met President Donald Trump at the White House on Tuesday.\nThe move follows severe disruptions to Iraqi oil exports during the Iran conflict, when instability in the Strait of Hormuz hindered tanker traffic.\nIraq, OPEC’s second-largest oil producer, relies heavily on its southern export terminals near Basra, making it particularly vulnerable to disruptions in the strategic waterway.\nAccording to OPEC data, Iraq’s oil production dropped to about 1.9 million barrels per day in June, down from roughly 4.2 million barrels per day in February, before the conflict.\nOther Gulf producers are also seeking alternatives to Hormuz. The UAE is constructing a second pipeline to Fujairah on the Gulf of Oman, while Saudi Arabia is reportedly evaluating an expansion of its Red Sea pipeline network.\nStill, analysts caution that pipelines alone cannot eliminate geopolitical risks.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nImage via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"economic","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2652723165","isCrawlerRequest":true}