By John Lee.
Iraq's Council of Ministers has approved new mechanisms for exporting Iraqi oil through specialist international and domestic companies via multiple outlets, under contracts of three months' duration beginning 1 September 2026.
The Council also approved exceptional authorisations to expand export and import capacities. The Minister of Oil, Basim Muhammad Khudhair al-Abadi, has been granted authority to establish additional transport routes for existing contracts and to renew those contracts. He has also been authorised to approve the import of petroleum products when necessary to ensure supply stability and prevent shortages.
The Oil Pipelines Company has been directed to complete the expansion of loading platforms. In addition, approval was given to begin work ahead of contract signing on the rehabilitation of the IT2A station and the IT1 offloading station, with a capacity of 300,000 barrels per day, to accelerate the supply of imported raw materials while maintaining principles of competition and transparency.
(Source: Prime Minister's Office)
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