Iraq ships first VLCC oil cargo beyond Strait of Hormuz in decades

Iraq's state tanker company has arranged for a Very Large Crude Carrier to ship 2 million barrels of oil beyond the Strait of Hormuz for the first time in decades, marking a significant shift in its export strategy. The move aims to provide better access to refiners wary of the strait. Previously, buyers handled shipping from Basra in the Persian Gulf, but now Iraq's Oil Tankers Co. is managing exports directly, according to Director General Ali Qais Abdul Jabbar. This change could help Iraq reach refiners reluctant to send vessels through Hormuz and secure better prices. Delivering outside the Gulf may reduce the discounts needed to attract buyers to Iraq's southern terminals, potentially improving revenue. The shipment represents a strategic effort to diversify export routes amid regional tensions.