Iraq surpasses 3 million barrel exports
Since the beginning of September, Iraq has increased its oil export capacity to over 3 million barrels per day in an effort to boost production and strengthen its ability to export beyond the Strait of Hormuz. The government plans to raise production to 5 million barrels per day after completing new pipelines and export terminals, aiming to generate higher revenues and reduce reliance on the Strait of Hormuz, especially amidst regional unrest. In August, Iraq recorded its highest export rate since the start of the crisis, reaching approximately 2.34 million barrels per day, with revenues amounting to $4.5 billion.
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