Imagine being offered a treasure chest at a very cheap price. But there is one quite terrifying condition. You have to cross an ocean full of mines and bullet threats to get it yourself.
That is the high-risk bargaining that Iraq is currently doing. They are willing to give a discount of up to $30 per barrel of oil. The only condition is that the tanker must dare to cross the Strait of Hormuz.
This extraordinary offer comes as tensions between the United States and Iran flare up again. The strait, which is the world's energy hub, is now as if it has turned into a death zone. Iraq is forced to do so because their oil reserves are already abundant.
Since the war broke out in February, shipping there has almost come to a complete halt. Where usually eighty tankers line up every month, now only two have dared to appear. Investors are now holding their breath watching this dangerous maneuver.
The Iraqi oil marketing team is very strict with the conditions of this sale. They will not accept any excuse for emergency if something bad happens in the middle of the sea. Buyers are thought to be well aware of the dangers that lie ahead.
Although Iraq still exports oil through a pipeline in Turkey, the amount is very small. This bold decision shows how desperate oil producers are to get their supplies flowing. The world is now watching who is brave enough to take this risk.
Every drop of oil we use now may come from the courage of sailors who risked their lives. This situation could determine the stability of our living standards in the future.
