US signs $60 billion deals to build oil routes in Iraq
after close1 source ↓written by the desknot a recommendation
- with the Iraqi
- $60 billion
- to establish alternative
- 17 July
- of global oil
- 20%
American companies signed agreements worth $60 billion with the Iraqi government on 17 July to establish alternative oil transport routes, reducing reliance on the Strait of Hormuz. This passage currently carries about 20% of global oil supply. Chevron will invest in a pipeline to transport Iraqi oil to Syria's Mediterranean coast, potentially creating a new export corridor.
Not investment advice. For informational purposes only.