Iraq and the United States Reach Understanding on Crude Oil Exports Through the Strait of Hormuz

en.Wedoany.com Reported - On November 8, Iraqi Foreign Minister Fuad Hussein said in an interview with Al Jazeera that Iraq and the United States have reached an understanding on crude oil exports through the Strait of Hormuz, and the relevant arrangement allows Iraqi crude oil transport vessels to use the shipping lane near Oman. After a sharp decline in September, Iraq's crude oil exports rebounded significantly in October, with the daily average export volume increasing from about 2.65 million barrels to 3.5 million barrels.

According to data provided by Iraqi energy officials, the national average daily crude oil export volume in October 2026 increased by about 850,000 barrels compared with September, an increase of about 32.1%. This export recovery took place against the backdrop of continued impact on shipping through the Strait of Hormuz from regional conflicts. Iraq has gradually increased its supply to the international market by restoring maritime transport routes and adjusting crude oil transportation arrangements.

In the interview, Hussein noted that the Iran war and the interruption of crude oil exports have caused Iraq losses of about US$60 billion. The obstruction of crude oil exports has had a sustained impact on Iraq's fiscal revenue and energy trade, and restoring the transport route through the Strait of Hormuz has become an important measure to safeguard crude oil exports.

Iraq's Ministry of Oil had previously adjusted some crude oil export transaction arrangements, with the State Oil Marketing Organization (SOMO) adopting free-on-board (FOB) delivery to hand over crude oil to buyers at southern ports, while purchasing companies are responsible for subsequent maritime transport. Some export cargoes continue to be shipped to the international market through ship-to-ship transfers near the Gulf of Oman.

In October 2026, Iraq's oil minister stated that national crude oil exports had gradually resumed through the Strait of Hormuz, the Turkish port of Ceyhan, and land transport routes via Syria. The latest shipping lane transit understanding reached with the United States further clarifies the transport arrangements for Iraqi crude oil passing through the Strait of Hormuz via the shipping lane near Oman.