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Iraqi oil replaces Russian oil for the Czech Republic in 2025
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Economy News - Follow-up
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Added 10/22/2024 - 11:30 AM
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Economy News - Follow-up
Iraqi oil exports are set to flow to a European Union country that is seeking to join other members in banning Moscow’s crude as punishment for its invasion of Ukraine in February 2022.
Iraqi Foreign Minister Fuad Hussein said in a press conference with Czech Foreign Minister Jan Lipavsky that Iraqi oil will replace Russian oil starting next year, 2025.
According to the Washington-based energy platform, Iraqi oil will come to the European country via oil tankers and then the TAL pipeline, which extends from Italy to Germany and connects to the IKL pipeline that supplies the Czech Republic.
This comes despite the Czech Republic's continued reliance on Russian oil, which accounted for 49% of total imports in the first quarter of 2024, 60% in 2023, and 56% in 2022.
The Czech Republic is betting on the TAL pipeline to end Russian oil imports, which were the main source of imports in 2023.
Last year, Prague imported more than 4.3 million tons (30.5 million barrels) from Russia, 2 million tons (14.3 million barrels) from Azerbaijan, and 556,000 tons (3.9 million barrels) from Kazakhstan.
(1 ton of oil = 7.1 barrels).
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Added 10/22/2024 - 11:30 AM
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