- Donald Trump is attending the G7 Summit as an invited partner, where he is discussing global economic challenges, trade, strategic cooperation, and regional issues.
- Peace talks regarding the Iran conflict are underway, with international efforts underway to restore shipping through the vital Strait of Hormuz, impacting global oil prices.
- Negotiating MOU regarding oil exports and fees in the Strait of Hormuz.
Basrah oil is being sought for VLCCs, with increased traffic due to an MOU providing a framework for discussions.
1 report, 1 independent
Updated Jul 9
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What happened
Basrah oil is being sought for VLCCs, with increased traffic due to an MOU providing a framework for discussions.
Who's involved
What this event is mainly aboutKeep exploring
The entities involved
Related events
- Oil majors, including TotalEnergies and ExxonMobil, are committing billions to projects in Basra and Kirkuk due to economic crises in Iraq.
- Elevated risk premiums in the Hormuz Strait are driving market activity as Iraq sells Basrah crude to buyers in Northeast Asia, while Saudi Aramco markets its early-September cargoes.
- Attacks have resumed in the Hormuz Strait, causing oil markets to strain and Brent crude prices to surge.
- Iraq is strategically developing its oil and gas sectors.
- Iraq is planning new oil pipelines connecting Basra, Kirkuk, and Ceyhan, with Qatar's UCC joining the project consortium.