Bypassing Hormuz: Iraq transported oil to Syria by truck.
Iraq began supplying oil from its southern fields to the Syrian port of Nias in the Mediterranean Sea. Baghdad seeks to diversify exports around the Strait of Hormuz, although the new route is currently limited to road transport and logistics.
Within three months it will be possible to transfer 5-14 million barrels to the world markets through this route. Iraqi oil bypasses Hormuz.
The CEO of the Basra Oil Company, Abdel Karim Nasser, announced the beginning of the supply of Iraqi oil to world markets through a new route. According to him, quoted by Al Hadat TV channel, Iraq sends 120,000 to 150,000 barrels a day to Baniyas. The goal is to strengthen the economic cooperation between Baghdad and Damascus and to expand the Iraqi oil export routes to the Mediterranean Sea. From there the oil goes to refineries in Greece, Italy and Turkey and other countries.
Iraq is the second largest oil producer in OPEC. Following the disruption of the normal distribution channel through the Strait of Hormuz due to the war with Iran, alternative export routes are being sought in the country. Iraq still exports most of its oil through terminals in the Persian Gulf, and the Syrian route remains small but strategically important for its oil.
The overland route has become more attractive, despite higher transportation costs, since the end of the decades-long conflict in Syria, two sources close to the situation told Reuters.
Oil and capital.