Energy and oilUpdated November 13
Iraq moves crude by truck through Syria to Baniyas
Iraq is moving crude from southern fields by tanker truck through Syria to Baniyas, where it is loaded onto ships bound for Mediterranean markets. Basra Oil Company director-general Bassem Abdul Karim told Asharq News that UCC Holding began shipments in October under an agreement with SOMO. Reported flows are 120,000–150,000 barrels a day, depending on truck availability; Asharq News said about 1.6 million barrels had moved since implementation began on Oct. 26. The outlet reported that the agreement sets a three-month plan, starting Oct. 14, for 5 million–14 million barrels of heavy crude, with a stated $38-per-barrel discount and about $12 per barrel for transport and related logistics paid to UCC Holding. These are planned quantities, not completed shipments. The route offers an alternative amid disruption to Iraq’s usual shipping route through the Strait of Hormuz during the Iran war. In July, a joint EU-GCC statement published by Saudi Press Agency condemned Iranian attacks on commercial vessels and interference with navigation, rejected restrictions on passage, and called for the Strait to remain open while supporting dialogue and diplomacy.
Coverage started November 13