Iraq's Pipeline Promise: A Risky Alternative to Hormuz? The recent agreements between US oil firms and the Iraqi government, totaling around $60 billion, have been touted as a game changer for global energy security.
The goal is to create alternative shipping routes for oil out of the Persian Gulf, bypassing the Strait of Hormuz, which has come under threat from Iran's military actions.
The deals, signed at the US Chamber of Commerce, include agreements with Chevron and other companies to boost oil production in Iraq and develop new pipelines to transport oil to global markets.