Iraq is planning a new land route through Syria to diversify its oil exports after the rising security risks in the Strait of Hormuz paralyzed the global oil and energy market amid the Middle East crisis, Anadolu reports. Iraq exports most of its crude through southern terminals in Basra, but recent maritime tensions in the Gulf have prompted Baghdad to seek alternatives. Asim Jihad, an Iraqi oil expert, told Anadolu Agency that the Iraqi Oil Ministry’s main mitigation strategy is to increase shipments through Turkiye’s Port of Ceyhan from the current daily volume of 150,000-200,000 barrels to 300,000 barrels. Suspended shipments in the Strait of Hormuz are costing Iraq around 3.5 million barrels of oil per day. He said the […]