Story perspectives

Iraq Ships 2 Million Barrels Through Strait of Hormuz

By Drooid · Oct 5, 2026, 2:02 AM UTC · How we work

Summary

Story summary

Iraq’s Oil Tankers Company shipped two million barrels of crude through the Strait of Hormuz.
Iran granted permission for the VLCC, Iraq’s first strait crossing in decades, despite U.S.-Iran tensions.
Oil Minister Bassim Khudair reported daily shipments of three million barrels since early September.
The government aims to lift export capacity to five million barrels per day after pipeline completions.

History

Historical Context

October 1973 OAPEC’s embargo slashed Arab oil exports and drove crude from $3 to $12 a barrel, proving that volume controls geopolitics. Saudi Arabia later flooded the market during the 1980-88 Iran-Iraq war to lower prices, a tactic echoed today as Iraq’s Oil Tankers Company, under Bassim Khudair, ships about two million barrels daily through the Strait of Hormuz, reinforcing regional leverage.

1 of 2

Story summary

Iraq’s Oil Tankers Company shipped two million barrels of crude through the Strait of Hormuz.
Iran granted permission for the VLCC, Iraq’s first strait crossing in decades, despite U.S.-Iran tensions.
Oil Minister Bassim Khudair reported daily shipments of three million barrels since early September.
The government aims to lift export capacity to five million barrels per day after pipeline completions.

1 / 2