Baghdad: The Cabinet has given the green light to mechanisms for exporting Iraqi oil through both international and local companies, utilizing various outlets. Contracts related to these exports are set to last for three working months, commencing September 1, 2026.

According to National Iraqi News Agency, during a session held on Tuesday evening, the Cabinet also endorsed recommendations for exceptional approvals aimed at boosting export and import capacities. This includes authorizing the Minister of Oil to establish additional transport routes for both existing and forthcoming contracts, as well as renewing these contracts as necessary. The Minister has also been granted the authority to approve the import of petroleum products when required, to maintain a stable supply and avert potential crises.

In efforts to regulate oil sales mechanisms further, the Cabinet has approved recommendations regarding advance payment processes for Iraqi oil sales. This involves the procedures for purchasing companies to de
posit shipment values and advance payments into designated accounts belonging to the Ministry of Finance and the Central Bank of Iraq.