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05.05.26 - 22:33
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Iraq Offers Huge Discounts Up To $33 Per Barrel For Oil Shipments Via Hormuz (ZeroHedge)
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Iraq Offers Huge Discounts Up To $33 Per Barrel For Oil Shipments Via Hormuz
By Charles Kennedy of OilPrice.com
OPEC's second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz.
Iraq's oil production and exports have been severely crippled due to the hostilities in the Middle East and the de facto closure of the Strait of Hormuz, which is the only way to move Iraqi Basrah crude grades.
Iraq was one of the first Gulf producers to slash upstream production and now exports a small part of its crude via a pipeline to the Turkish Mediterranean coast. But its key export port at Basrah, which handled the bulk of exports prior to the war, is constrained due to the unpassable Strait of Hormuz. Iraq has shipped some cargoes eastward out of the Strait thanks to bilateral agreements with Iran's forces, but tankers now have to move empty westward of the Strait and travel deep into the P...
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