Iraq seeks funding to purchase oil tankers amid market volatility

Iraqi Oil Minister Basim Mohammed Khudair has announced plans to coordinate with the government to secure financial allocations for purchasing oil tankers. This initiative aims to support the Iraq Oil Tankers Company, enhance its capabilities, and facilitate the transport of crude oil to maximize national revenues.

However, economist Ziad al-Hashimi has warned against the purchase of large tankers at this time, describing the move as a “gamble.” Al-Hashimi cautioned that regional conflict has driven ship prices and shipping costs to historic highs, and that current high demand may not persist once the crisis subsides. He advised the ministry to consider time charters as an alternative to avoid overpaying and suggested a thorough study of market stability and the administrative capacity of personnel before committing to such significant expenditures.