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Iraq’s state oil marketer SOMO is offering buyers additional late-September crude cargoes as sharply elevated shipping costs complicate exports from inside the Persian Gulf. The additional barrels were offered to at least two companies after some previously available cargoes returned to the market. Iraq has faced persistent difficulties securing vessels and maintaining crude exports amid high freight rates and disruptions to shipping through the Strait of Hormuz. Failure to place the additional cargoes could further constrain Iraqi exports as regional shipping conditions remain unsettled.

Iraq Offers Last-Minute Oil Cargoes as Freight Costs Rise

Iraq’s state oil marketer SOMO is offering buyers additional late-September crude cargoes as sharply elevated shipping costs complicate exports from inside the Persian Gulf. The additional barrels were offered to at least two companies after some previously available cargoes returned to the market. Iraq has faced persistent difficulties securing vessels and maintaining crude exports amid high freight rates and disruptions to shipping through the Strait of Hormuz. Failure to place the additional cargoes could further constrain Iraqi exports as regional shipping conditions remain unsettled.

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