Adnoc has proposed a shuttle transportation scheme to redirect Iraqi oil exports through the Strait of Hormuz. The company offers spot shipments to Asian buyers using this method for oil from other Middle Eastern producers, primarily Iraq.
Adnoc tankers make short voyages through the strait and then transfer oil to vessels outside the Persian Gulf. In some cases, transponders are turned off to avoid detection. This method enables continued oil supplies despite ongoing navigation challenges in the Strait of Hormuz.
Additionally, Ali Nizar, head of the SOMO state oil company, reported on August 11 that Iraqi oil exports had risen to approximately 2 million barrels per day this month, compared with the earlier figure of 1.5–1.7 million barrels per day cited by the Iraqi oil minister. SOMO has offered companies discounts of $30 per barrel for transporting Iraqi oil through the Strait of Hormuz.
Recent developments indicate that the United States could lift the blockade on Iran’s ports following an agreement to allow unhindered navigation in the Strait of Hormuz.
