Iraq Offers Massive Discounts to Select Long-Term Crude Oil Buyers with Conditions

en.Wedoany.com Reported - Iraq is offering massive discounts to buyers of its long-term crude oil contracts for cargoes loading this month, but on the condition that the tankers chartered must traverse the Strait of Hormuz and enter the depths of the Persian Gulf to collect the shipments.

Bloomberg News, citing a latest price list released by Iraq's State Oil Marketing Organization on the 3rd, reported that Iraq is offering a discount of up to $33.4 per barrel for its flagship Basrah Medium crude.

Iraq confirmed in March that it had activated a land-based oil pipeline connecting the country's northern Kurdistan Autonomous Region (Kurdistan Region) with the southern Turkish port of Ceyhan. Another pipeline transports crude from the Kirkuk oil fields to the Iraq-Turkey border area, where it then connects to the pipeline leading to Ceyhan port. The combined capacity of the two pipelines can reach up to 650,000 barrels of crude per day. Additionally, starting from the 2nd of this month, Iraq has begun using tanker trucks to transport crude oil via the Rabia border crossing, which borders Syria, for export through Syrian Mediterranean ports.

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