Iraqi Oil Exports Reach Record High
Iraqi Oil Minister Basem Khudair announced that Iraq has exported two million barrels per day in August, the highest level since the start of the war in the Middle East and the closure of the Strait of Hormuz. Before the crisis, the country produced around 4 million barrels daily and exported about 105 million barrels each month, heavily relying on the Strait of Hormuz to transport roughly 20% of global oil supplies. Following the strait's closure, Iraq was forced to restrict production and exports through alternative routes. However, it aims to diversify its export outlets through a pipeline project from Basra to Syria and other plans to boost export levels. Baghdad expects oil export revenues to reach $3 billion this month, based on an average export rate of 2 million barrels per day at approximately $60 per barrel. The government continues its efforts to increase its quota within OPEC and diversify its economic resources to reduce dependency on oil.
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