Iran’s 5 April announcement that it would allow Iraqi oil to transit the Strait of Hormuz has been met with little enthusiasm from buyers, forcing Iraq to continue its quest for alternative routes to market. A senior oil ministry official tells MEES that despite the Iranian announcement, no buyers were willing to send tankers through the Strait given the high risk of attack.
“We have negotiations with Chinese and Indian buyers, but they are reluctant. They say that the Iranian announcement is not enough and they wanted security guarantees, but we can’t offer that,” the source says. (CONTINUED - 1009 WORDS)
