Iraq seeks alternative oil Export routes amid Hormuz risks
Shafaq News– Baghdad
The Iraqi government is working on alternative plans to export crude oil in case the Strait of Hormuz is closed due to rising tensions between Iran and the United States, a government source told Shafaq News on Thursday.
The source said Baghdad, in coordination with ministries responsible for the energy sector, is preparing contingency options to secure safe export outlets that would allow Iraqi oil to reach global markets if shipping through the strait is disrupted, including strengthening understandings with Muscat over a proposed Basra–Oman oil pipeline.
“The coming period is expected to see new developments in transporting Iraqi oil via Oman, as well as plans to select locations near the Strait of Hormuz to build large storage facilities for Iraq to store and market crude oil.”
Since the beginning of the protests in Iran, US President Donald Trump warned of a potential military strike on Tehran, which also expressed readiness to confront the American aggression, including threatening to close the waterway if it comes under a large-scale military attack, with the strait often used as a pressure tool during periods of heightened regional tension.
Around one-fifth of global oil consumption passes through the Strait of Hormuz, estimated at 18 to 19 million barrels per day of oil, condensates, and fuel, in addition to nearly 11 billion cubic feet per day of liquefied natural gas.
