Iraq's Oil Company (Iraqi Oil Tankers Co.) has decided to purchase and own large oil tankers (VLCC) to improve the crude oil export process. This action is aimed at reducing dependence on the port of Basra for unloading shipments and increasing crude oil export capacity to global markets.
Details of the First Shipment
The first shipment of Iraqi crude oil using the company's large tankers passed through the Strait of Hormuz on October 3, 2026. This shipment included 2 million barrels of Iraqi crude oil, but its final destination beyond the Strait of Hormuz has not been specified. This action is considered an important step in changing the traditional models of Iraqi oil exports.
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Instructions from Government Officials
Ali Qais, CEO of Iraq's Oil Company, announced that this action is being carried out under the direct supervision of the Minister of Oil and based on the Prime Minister's directives. He stated: "This action changes part of Iraq's oil sales operations from the standard delivery model at the port of Basra to the transportation of crude oil to foreign markets."
Purchasing a VLCC tanker allows the state marketing company SOMO to take advantage of better sales and pricing opportunities. Qais added: "Current directives for consulting with relevant officials and identifying suitable opportunities are being rapidly implemented so that we can purchase and gain ownership of specialized crude oil tankers."
Buying large oil tankers will not only help Iraq's Oil Company send its shipments to international markets, but it may also lead to an increase in the country's oil revenues. Considering that the Strait of Hormuz is one of the most important oil transportation routes in the world, this action could help reduce risks arising from regional tensions and increase the independence of Iraq's oil export operations.
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