Shafaq News- Basra
Iraq’s Basra oil terminal is preparing for an increase in tankerarrivals, hours after the docking of the vessel “Kuwait Prosperity,” a sourceat the State Company for Iraqi Ports told Shafaq News on Saturday.
The Barbados Prosperity, a giant crude carrier, will load 2 millionbarrels of Iraqi oil. Two additional tankers are also expected to reach Iraqiwaters in the coming hours after transiting the Strait of Hormuz, en route toBasra’s export terminals.
“Shipping and loading operations are continuing without disruption, inline with planned schedules,” the source noted.
Earlier this week, S&P Global Commodity Insights reported thataround 8.3 million barrels of Iraqi crude remain stranded at the strategicmaritime gateway, pending shipment.
Iraq, OPEC’s second-largest producer, exports about 95% of its crudethrough southern terminals, leaving it particularly exposed to disruptions inGulf shipping. Eco Iraq, an economic affairs observatory, estimated that theclosure of the Strait of Hormuz, which carries around 20% of global oilsupplies, has cost the country about 350 million barrels in lost exports byJune 20, equivalent to roughly $37.7 billion in revenue.
The Strait of Hormuz has remained largely closed since Feb. 28 afterIran restricted maritime traffic in response to the US-Israeli war. Washingtonand Tehran later reached an understanding to resume shipping under a memorandumsigned in Switzerland on June 17.
: No exit but Hormuz: Iraq's economic vulnerability exposed
