Iraq’s crude exports rose in August after producers offered deep discounts and
Iran approved passage for multiple Iraqi tankers through the Strait of Hormuz,
industry and shipping sources said, with shipments expected to increase in
September. Preliminary Kpler data show August exports rose for a third month to
2.17 mln bpd from 1.322 mln bpd in July; Kpler recorded February at 3.362 mln
bpd. Ship-tracking firm Vortexa’s preliminary August estimate was 2.30 mln bpd
versus July’s 1.60 mln bpd, still below February’s 3.70 mln bpd. Sparta
Commodities senior analyst June Goh said Iraq’s deep discounts are prompting
buyers to find transport routes to move cargoes. Iran’s state news agency IRNA
reported Tehran has approved several Iraqi tankers to transit the Strait of
Hormuz; it is unclear whether the permission covers all Iraqi cargoes, and Iraq
appears to be the only Gulf producer explicitly granted transit approval.
