Shafaq News– BaghdadThe Iraqi government is working onalternative plans to export crude oil in case the Strait of Hormuz is closeddue to rising tensions between Iran and the United States, a government sourcetold Shafaq News on Thursday.The source said
Baghdad, in coordinationwith ministries responsible for the energy sector, is preparing contingency optionsto secure safe export outlets that would allow Iraqi oil to reach globalmarkets if shipping through the strait is disrupted, including strengtheningunderstandings with Muscat over a proposed
Basra–Oman oil pipeline.“The coming period is expected to see newdevelopments in transporting Iraqi oil via Oman, as well as plans to selectlocations near the Strait of Hormuz to build large storage facilities for Iraqto store and market crude oil.”Since the beginning of the protests inIran, US President Donald Trump warned of a potential military strike on Tehran,which also expressed readiness to confront the American aggression, includingthreatening to close the waterway if it comes under a large-scale militaryattack, with the strait often used as a pressure tool during periods ofheightened regional tension.Around one-fifth of global oil consumptionpasses through the Strait of Hormuz, estimated at 18 to 19 million barrels perday of oil, condensates, and fuel, in addition to nearly 11 billion cubic feetper day of liquefied natural gas.