Crude oil loadings from Basra are now running at 2mn b/d, having dropped below 100,000 b/d at the height of the conflict (see chart 1). The recovery was achieved by selling oil to traders at massive discounts, with the trading firms shipping the crude through the Strait of Hormuz then supplying it to customers via ship-to-ship (STS) transfers in the Gulf of Oman.
Iraq Chartering Tankers To Take Control Of Shuttle Runs
Iraq’s crude oil exports have rebounded strongly in recent weeks as Somo has sold crude to traders at hefty discounts. Somo now aims to improve its margins by selling directly to customers via Hormuz shuttle runs, but IOTC must race to finalize tanker charters in time to begin September deliveries.
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Charts
1: Basra Oil Loadings Rose In August To Their Highest Since The Start Of The US-Iran War (mn b/d)
2: Iraq Has Lost More Than $40bn In Potential* Oil Export Revenues Due To The Hormuz Crisis
3. The Drastic Fall In Oil Exports Has Hit Iraq's Economy ($bn)
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