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Global Business News

The Economic Times

Global Business / The Economic Times

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First time in decades Iraq set to move its oil beyond the Strait of Hormuz

Iraq's Oil Tankers Company has recently arranged for a Very Large Crude Carrier to transport oil. This shipment of 2 million barrels is significant as it travels beyond the Strait of Hormuz. Previously, buyers handled shipping from Basra in the Persian Gulf, but now the company is managing exports. This change aims to offer better access to refiners cautious about the strait.

5 Oct 2026 12:49 am