For the first time since hostilities involving Iran began, Iraq is offering
buyers the option to receive crude outside the Persian Gulf, highlighting the
resilience of Iraqi exports despite Strait of Hormuz risks. Iraq’s State Oil
Marketing Organization (SOMO) has put Basra medium and Basra heavy crude up for
tender, with buyers able to take delivery next month via ship‑to‑ship transfer
off Oman's coast. The marks move a strategic shift from earlier in the conflict,
when Iraq used steep discounts to push loading further into the Gulf. It remains
unclear how SOMO will route exports out of the Persian Gulf; several firms
assisted Iraq in shipping to global buyers during the fighting.
