Oil minister presses for faster Iraqi tanker purchases

Shafaq News- Baghdad

Iraq must accelerate procedures to buy oil tankers to support exports and government revenue, Oil Minister Basim Al-Abadi said on Saturday, citing financial pressure from the Strait of Hormuz crisis.

Earlier this month, Al-Abadi said the ministry was considering buying 10 supertankers at an estimated cost of $2 billion, with financing options under review. Saturday's statement did not announce any completed purchases or a procurement timetable.

The minister said Iraq had achieved strong export results in September and October, with rates comparable to those recorded before the Hormuz crisis. On October 19, he reported that crude exports had exceeded 3.4 million barrels per day in October through the Strait of Hormuz, Turkiye's Ceyhan port, and tanker trucks via Syria.

Al-Abadi also called for rehabilitating oil wells, increasing production, and ensuring that companies operating Iraqi oilfields meet their contractual development obligations. He directed officials to maintain aging refineries, expand strategic fuel reserves to safeguard domestic supplies, and advance projects to capture associated gas and develop gas fields.

Oil accounts for more than 90% of Iraq's government revenue. The country has sought alternative export routes and a larger state-owned tanker fleet to maintain crude shipments and government revenue despite disruptions to shipping through the Strait of Hormuz.

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