How Iraq Is Quietly Getting Its Oil Out | FP Explains
Iraq gets more than 90% of its state budget from oil. Almost all of it has to leave through the Strait of Hormuz. But the US-Iran war has created a problem.So Baghdad has stopped trying to ship the oil itself.
On August 12, reports suggested that the trading arm of Abu Dhabi National Oil Company, ADNOC, is offering to shuttle Iraqi crude out of the Gulf for Asian buyers, using vessels that make short runs through the strait with their transponders switched off and hand the cargo to a second ship outside.
Iraq is also selling that oil at discounts of up to $30 a barrel. Here is how the workaround actually works, and what it is costing Baghdad.
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Iraq Oil Crisis | Strait Of Hormuz | Iraq Oil Exports | ADNOC Iraq Oil | Iran War | Hormuz Crisis | Iraqi Crude Oil | Oil Tanker Crisis | Gulf Oil Crisis | Global Oil Supply | Firstpost
#iraq #iraqoil #straitofhormuz #oilcrisis #iranwar #hormuzcrisis #oilprices #middleeast #adnoc #geopolitics #firstpost
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