Iraq Approves Three-Month Mechanism to Export Crude via Local, International Firms

Iraq's cabinet approved mechanisms for exporting Iraqi crude through specialized international and local companies and via multiple export outlets, the government said on Tuesday. The contracts under the new mechanism will run for three months starting September 1, according to a statement issued after the cabinet meeting. Iraq ‌is seeking ‌to diversify its oil ‌export ⁠channels and maintain flexibility ⁠in marketing its crude amid the Iran war and the closure of the Strait of Hormuz, which has disrupted regional oil flows and created uncertainty around shipping routes.