Dubai, UAE — August 2026 — Iraq’s government approved a plan to export crude oil through specialized international and domestic companies via multiple outlets, with contracts running for three-month terms starting September 1.
The decision came during a session held Tuesday evening chaired by Prime Minister Ali Faleh al-Zaidi.
The government recommended adopting a pricing mechanism for Iraqi crude oil purchases based on the rate set by Iraq’s State Oil Marketing Company, or the price fixed in the federal general budget law with a 30 percent discount, to be set annually starting the first of next month.
Proceeds would go to the general treasury, with the financial impact to be reviewed in detail.
The government also authorized Oil Minister Bassem Khudair to work on increasing crude oil export and import capacities by establishing additional transport routes for current and pending contracts, along with the authority to renew those contracts.
He was further granted the power to approve petroleum product imports when needed, to ensure stable supply and prevent shortages.
