Iraq has implemented discounts on oil shipments this month to enable tankers to pass through the Strait of Hormuz, as outlined in an internal document from Iraq’s SOMO state oil company dated May 3.
The pricing adjustments range up to $33.40 per barrel for Basrah Medium crude—the country’s flagship oil product—and are part of a schedule for varying periods this month.
The measures reflect Baghdad’s efforts to boost exports despite ongoing risks and restrictions in the global oil market.
