Iraq’s cabinet approved a temporary framework for exporting crude oil through specialized international and local companies, with contracts running for three months starting September 1, 2026. The decision follows a pipeline agreement signed with Turkey on August 1, targeting a minimum export volume of 750,000 barrels per day to the Ceyhan terminal on Turkey’s Mediterranean coast. As OPEC’s second-largest producer, Iraq is diversifying its export routes by bypassing the Strait of Hormuz, through which roughly a fifth of the world’s oil supply passes daily. The Iraqi government has emphasized its commitment to OPEC+ output constraints, stating the mechanism concerns sales modalities rather than increased production. The three-month trial period is designed to stress-test the framework before committing to longer-term contracts.
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