🔸The Iraqi government has approved a new mechanism for exporting the country’s crude oil through domestic and international companies, using several export routes.

🔸The Iraqi government said that contracts related to this mechanism will be implemented for three months starting from September 1 (10 Shahrivar).

🔸The decision was made at a time when severe restrictions on ship movement through the Strait of Hormuz after the 40-day war have disrupted oil exports from the region, and the Iraqi government is also seeking to reduce its dependence on Persian Gulf sea routes.

🔸Iraq is the second-largest oil producer in OPEC, and most of its oil exports are carried out via southern terminals, which depend on passage through the Strait of Hormuz.

🔸The Iraqi government has not yet announced the names of participating companies, the volume of exported oil, or the specific routes of this plan.

🔸Last week, Bloomberg reported that the United Arab Emirates is cooperating with Baghdad in the transfer of Iraq’s crude oil from the Strait of Hormuz and its export to global markets.