Baghdad, Iraq – Iraq has officially announced the resumption of crude oil exports from all its oil fields, particularly those in the south, after a forced halt of more than a month due to security and maritime disruptions in the Strait of Hormuz. This move is expected to revitalize the country’s economy and comes amid international anticipation of the stability of global energy supplies.
Loading of the first tanker and the return of activity to Basra
Four prominent energy sector sources reported that exports from southern ports resumed on Friday. Technical teams began loading oil onto a supertanker. The Iraqi Ministry of Transport confirmed in a statement that the Basra ports received the tanker to load two million barrels of Iraqi crude. This marks the first such step since the reopening of the Strait of Hormuz to international shipping and represents a gradual return to calm in the waterway.
Ministry of Oil: Exports are a pillar of economic stability
For its part, the Iraqi Ministry of Oil affirmed that accelerating the pace of exports is a fundamental pillar for bolstering national economic stability. This is especially crucial given the challenges the general budget faced during the period of inactivity. The ministry’s official spokesperson, Sahib Bazoun, explained that relevant authorities have intensified their contacts with major international companies and oil tankers to finalize new contracts. He also emphasized that the door is open for all companies wishing to participate in export operations in accordance with international standards.
Bazoun added that Iraq is now fully prepared and will reach its maximum export capacity within a few days. He also confirmed that the fields are completely ready to begin pumping operations without any technical obstacles. Furthermore, he noted that the ministry is giving top priority to meeting the needs of the domestic market for gas, both liquefied and dry. This aims to ensure the efficient and stable operation of power plants in the coming period.
Diversifying outlets and anticipating the future
In a related context, the spokesperson noted that the ministry is working diligently to diversify export outlets to ensure the sector’s resilience in the face of any potential future geopolitical challenges. This includes diversifying export channels for oil and its derivatives, particularly fuel oil. He emphasized that the swift resumption of exports will not only increase financial revenues but will also support domestic production of petroleum products and secure the fuel needed for infrastructure.
Despite the optimism, global shipping companies are awaiting a clearer picture of maritime security in the Strait of Hormuz. A degree of preemptive caution prevails before full maritime traffic resumes. Baghdad is closely monitoring the situation to ensure its shipments reach Asian and European markets without any new security obstacles.
