Iraq's State Oil Company (Iraqi Oil Tanker Company) made a historic move by transporting 2 million barrels of Iraqi crude oil from the Strait of Hormuz. This operation was carried out using a very large crude carrier (VLCC) and is considered the first of its kind in recent decades. The company's CEO, Ali Qais Abdul Jabbar, announced in a press statement on Saturday that this shipment represents a significant change in the company's operations.
Changes in Oil Transportation Methods
Iraq's State Oil Company is now transporting crude oil through the Strait of Hormuz instead of transferring oil to the port of Basra. This change allows the State Oil Marketing Organization (SOMO) to have better options for selling and pricing Iraqi oil. Ali Qais Abdul Jabbar added in his statement that this new agreement could help SOMO achieve better opportunities in sales and pricing.
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Plans for Fleet Development
Iraq's State Oil Company is also working on acquiring and operating specialized oil tankers to expand its fleet and improve its competitive position against regional shipping companies. This program will help the company better face the challenges of oil transportation in global markets and strengthen its capabilities in this area.
Given the new changes, the company is looking to increase its market share and improve the quality of services provided to its customers. These changes, especially in the current oil market conditions characterized by price volatility and intense competition, could have positive impacts on Iraq's oil trade.
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