Updated

Iraq's cabinet approved on Tuesday, August 18, a mechanism for exporting Iraqi crude oil through specialised international and local companies and via multiple export outlets, according to a government statement issued after the meeting. Contracts under the new arrangement will run for three months starting September 1. The decision comes as regional energy flows are disrupted by the closure of the Strait of Hormuz and the wider conflict involving Iran, giving Baghdad an incentive to diversify export routes and buyers. Officials did not specify which companies would be involved or which outlets would be used.