Iraq bypasses the Strait of Hormuz… exports crude by land

Source

JOON HYOUNG LEE

Summary

Iraq’s Oil Ministry said it has begun crude oil exports using overland trucks transiting Syria.
Iraq said it will work with Syria to safely transport crude volumes through Syrian territory to export terminals and gradually increase export volumes to support the national economy.
Gulf states are also said to be considering building and expanding pipelines to transport crude oil to the Mediterranean via Syria, Israel and Egypt as alternatives to the Strait of Hormuz.

Forecast Trend Report by Period

Iraq is bypassing the Strait of Hormuz and exporting crude oil by land.

According to foreign media outlets including The Cradle on the 2nd (local time), Iraq’s Oil Ministry said in a statement that day that it had "begun exporting crude oil using Euro trucks transiting Syria." The ministry added, "In cooperation with Syria, we will ensure that crude volumes can be transported safely through Syrian territory to export terminals," and said it would "gradually increase export volumes to support the national economy."

Crude exports account for about 90% of Iraq’s national fiscal revenue. Iraq has so far exported most of its crude via the Strait of Hormuz.

Gulf states, too, are said to be reviewing various alternatives to the Strait of Hormuz. The Cradle reported that "(the alternatives) include building and expanding pipelines to transport crude to the Mediterranean via Syria, Israel and Egypt."

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