Iraqi oil being delivered to European refineries, including in Greece, Italy, and Turkey, according to source reports

• Qatar's UCC is transporting 120-150k BPD of Iraqi crude oil to Syria's Baniyas for export.

Iraqi crude moving through Syria's Baniyas terminal for onward export to Mediterranean refiners is a route that has appeared and disappeared over the years in line with sanctions architecture, pipeline politics between Baghdad, Erbil and Damascus, and the availability of tanker tonnage willing to run it. Episodes of this kind tend to matter less for global balances than for regional sour crude availability in the Med, where Greek, Italian and Turkish refiners are structurally configured for such grades; incremental Iraqi barrels via this channel historically weigh on Med sour differentials and compete against Urals-adjacent alternatives and other regional supply. The stated volume of 120-150k BPD, if sustained, is a meaningful share of that regional slate rather than a rounding error. The involvement of a Qatar-linked carrier is the newer element and the one to probe: third-country intermediaries in sanctioned-adjacent logistics have tended to draw scrutiny, and the precedent is that disclosure of a routing is often followed by questions over freight, insurance and flag arrangements rather than any immediate supply change. The follow-ons worth tracking are confirmation of the loading cadence at Baniyas, whether the barrels are priced at a discount consistent with the elevated logistics risk, and any official response from the authorities with jurisdiction over Syrian terminal exports.