The opening of the Strait of Hormuz to shipping, announced by Iran, will give Iraq the opportunity to direct over 20 million barrels of oil to the global market from the Basra region in Southern Iraq, according to international media.
As reported, Tehran's decision to fully open the strait "guarantees that around twenty tankers will be able to sail from Iraq in the near future, which are capable of transporting around 23 million barrels of oil produced in Basra to the global market," .
The restoration of navigation through Hormuz will be followed by "the resumption of production in Iraqi fields in the southern part of the country up to maximum production capacity," he added.
