Iraq is studying proposals for crude oil storage facilities in countries including Egypt, Oman and Singapore, Salim al-Rikabi, a spokesperson for the Iraqi Oil Ministry told Attaqa News. The proposals are part of a larger plan to bypass the Strait of Hormuz, protecting the country’s oil supply against further disruption.
The reviewing of proposals follows the signing of agreements between Iraq’s State Oil Marketing Company, and OQ (formerly known as Oman Oil Company) and its subsidiary, Oman Tank Terminal Company. The first established a strategic partnership to store Iraqi crude oil in the Special Economic Zone at Duqm, Oman; the second outlined OQ’s responsibility to market Iraqi crude oil in global markets.
However, according to al-Rikabi, in order to pursue crude oil storage in Egypt, Iraq must complete the Basra-Haditha pipeline project: an extension of existing pipeline to the Port of Aqaba, Jordan, and Arish, a city in the North Sinai Governorate of Egypt.
Since the start of the war in February 2025, Iraq’s oil exports fell to around 550,000 barrels per day (bpd) in March; 132,000 bpd in April; to 98,000 bpd in May. In August 2026, exports gradually rose again to 2.16 million bpd.
