Iraqi oil exports and revenue fall in May-June

Iraq experienced a significant decline in oil exports and revenues during May and June 2026 compared to the same period last year, with total exports amounting to approximately 32.1 million barrels and revenues estimated at around $2.34 billion. Specifically, 20.2 million barrels of Basra oil were exported, along with 1.56 million barrels from the Kurdistan Region through the Turkish port of Ceyhan, in addition to 10.3 million barrels of Kirkuk oil via the same port. Economic experts confirmed that Iraq lost about $10 billion due to the ongoing war between the United States and Iran and the closure of the Strait of Hormuz, urging the government to explore alternative export routes and increase non-oil revenues to avoid a potential financial crisis.

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