The head of the International Energy Agency described the new pipeline project between Iraq and Turkey as the ultimate solution to counter navigation disruptions in the Strait of Hormuz, which Basra relies on for 90% of its oil exports. Birol
stated in press remarks that the project would shift the energy balance in the Middle East, asserting that overcoming financial hurdles is possible given the global need for supply stability, making this line a safety valve for both consuming and
producing nations.
