Iraq's Oil Exports Down 90% After Hormuz Closure

Iraq exported only 10 million barrels of oil through the Strait of Hormuz in April, down from around 93 million barrels a month before the war with Iran, according to petroleum minister Basim Mohammed, who made the statement at a press conference.

The closure of the strategic strait as a result of the conflict has restricted oil exports not only from Iraq but also from Saudi Arabia, the United Arab Emirates and Kuwait, while sharply pushing up oil prices on world markets.

Iraqi exports via the Kirkuk-Ceyhan pipeline resumed in March following an agreement between Baghdad and the Kurdistan Regional Government. Iraq is currently exporting around 200,000 barrels per day through the port of Ceyhan and plans to increase that volume to 500,000 barrels, Mohammed said.

Baghdad is also seeking to negotiate with OPEC to increase production and export capacity, with the country aiming to reach an output level of five million barrels per day.

(reuters, bak)