Iraq has opened discussions with Iran in a bid to secure safe passage for its oil tankers through the Strait of Hormuz, following disruptions caused by the ongoing conflict in the region.
The country’s oil minister, Hayan Abdel Ghani, disclosed that talks are ongoing with Iranian authorities to allow selected vessels to pass through the vital waterway, which has been largely closed to international shipping.
Iraq, a key member of OPEC, relies heavily on crude oil exports, which account for about 90 per cent of its government revenue. Before the outbreak of the crisis on February 28, the country exported roughly 3.5 million barrels of oil per day, mostly from the Basra fields through the Strait of Hormuz.
However, Iran’s decision to shut the strait to most foreign vessels has significantly disrupted global oil supply chains, as the route typically handles about a fifth of the world’s oil shipments.
Abdel Ghani explained that Iraq is working to provide detailed information about its tankers, including ownership and identification, to facilitate approval for passage. The move is aimed at restoring the country’s export operations and stabilising its revenue flow amid the ongoing tensions.
The situation underscores the strategic importance of the Strait of Hormuz and highlights the broader economic impact of the conflict on oil-producing nations in the region.
