Iraq prepares to resume oil exports as soon as possible, awaiting the reopening of the Strait of Hormuz

Golden Ten Data reported on June 17 that Iraq's Oil Ministry spokesperson Salim Rikabi stated the country is taking necessary steps to resume exports “as soon as possible after normal maritime shipping is restored.” He said, “Iraq is finalizing procedures for designating tankers to load Iraqi crude oil.” Another informed source revealed that since the announcement of the agreement, some buyers have already notified Iraq’s state marketing agency SOMO regarding the tankers they wish to use for loading, and the Iraqi side is processing these requests. Iraq’s actions highlight how the main oil-producing countries in the Middle East are preparing to resume oil exports through the key Hormuz Strait. According to data provided by SOMO General Manager Ali Nizar, Iraq has recently increased oil exports via the Hormuz Strait, reaching 1 million barrels per day in the first half of this month. However, tanker tracking data shows actual exports from southern Iraqi ports in May were about 98,000 barrels per day, and the average export volume up to February this year was 3.5 million barrels per day. Rikabi stated that it will still take time for all Iraqi oil fields to return to previous production levels, but at present, export infrastructure does not appear to have suffered any damage.