Iraq's crude oil exports rebounded in August, with tankers granted passage through the Strait of Hormuz by Iran

⑴ Industry news and shipping statistics show that, thanks to trade discounts and Iran allowing oil tankers to pass through the Strait of Hormuz, Iraq's crude oil exports increased in August, and the market expects that September shipments will continue to rise. ⑵ According to preliminary statistics from data analysis agency Kpler, Iraq's crude oil exports rose for the third consecutive month in August, reaching 2.17 million barrels per day, compared to 1.322 million barrels per day in July; exports in February had reached 3.362 million barrels per day. Vessel tracking agency Vortexa estimated August exports at 2.3 million barrels per day, higher than July's 1.6 million barrels per day, but still below the 3.7 million barrels per day level in February. ⑶ Joan Wu, Senior Analyst at Sparta Commodities, stated that Iraq offered significant oil price discounts, attracting buyers to find ways to arrange shipping capacity for delivery. Iranian state media revealed that Tehran has approved several Iraqi oil tankers to pass through the Strait of Hormuz. ⑷ It is not yet clear whether this passage permission covers all of Iraq's crude oil shipments, but Iraq is the only Gulf oil-producing country to have clearly obtained such passage rights, and the recovery of its exports provides a certain buffer to global crude oil supply.