Iraq Announces Sale of 2 Million Barrels of Oil Outside Hormuz Strait in First-Ever Move
Iraq National Oil Transportation Company transports 2 million barrels for sale outside the strait
Translated by Qiyas from كونا — Original source
Baghdad, Oct 3 (KUNA) -- An Iraqi oil tanker company said on Saturday that it had transported two million barrels of oil beyond the Strait of Hormuz for sale there, marking the first such move after Iraqi oil had previously been sold through the “off-the-vessel” (OTV) mechanism at Iraqi ports.
In a statement, company Managing Director Ali Qais said his firm had loaded two million barrels onto a very large crude carrier (VLCC) and transported them beyond the strait for sale, a first since sales were previously conducted via the OTV method at ports. He added that the company is also working to identify other opportunities for oil sales and to acquire additional crude tankers to boost Iraq’s oil exports to global markets.
Iraq had been selling its oil at discounts of up to $25 per barrel when sold via the OTV mechanism at ports, a practice that has continued since the outbreak of the Strait of Hormuz crisis. (End) A.Q.H./M.M.J.
