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<\/p>\nData from the London Stock Exchange Group (LSEG) and Kpler showed that an oil tanker carrying Iraqi crude passed through the Strait of Hormuz near the Iranian coast, a day after Iran announced that Iraq was exempt from any restrictions on passage through the strait.<\/p>\n
According to data from Kpler, the tanker Ocean Thunder was loaded with about one million barrels of Basra Heavy crude on March 2, and is expected to unload its cargo in Pengerang, Malaysia in mid-April, Reuters reported.<\/p>\n
Earlier, the leadership of Iran\u2019s Khatam al-Anbiya Central Headquarters announced that Iraq would be exempt from any restrictions on passage through the Strait of Hormuz, signaling preferential treatment for Baghdad as Tehran tightens its grip on the strategic waterway since the start of the US-Israeli war on Iran on February 28.<\/p>\n
<\/p>\n
Iraq is among the countries most affected by the closure of the Strait of Hormuz, as its oil production has declined sharply from about 3.5 million barrels per day to about 1.3 million barrels, while exports have fallen to about 800,000 barrels per day, as a result of the disruption of shipping through the strait.<\/p>\n
According to Iraqi economic reports, some major oil refineries in China have reduced the operations of their units or halted some production lines due to the shortage of Iraqi crude oil.<\/p>\n
In response, companies began seeking alternative sources in Africa and Latin America to compensate for this shortfall. Security risks in the Strait of Hormuz also led to increased transportation and insurance costs for oil tankers, which directly impacted petrochemical product prices.<\/p>\n
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