9 Hrs
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اقتصاد
Iraq’s Oil Boom Dilemma
The 2026 Strait of Hormuz crisis exposed Iraq’s dependence on export routes controlled by neighboring countries. Output from its southern oil fields fell from around 4.3 million barrels a day to 1.3 million, while exports dropped to roughly 800,000 barrels. Oil accounts for about 90% of the country’s revenues and exports. Over the past century, alternatives have shifted between Syria, Turkey, and Saudi Arabia, but wars and political and security disputes have disrupted them. Trucking crude oil to the north has offered only limited relief. Iraq is seeking to build a new pipeline network with a planned capacity of more than two million barrels a day, alongside the Grand Faw Port and Development Road projects, to turn its geographic position from a burden into a corridor for transport and trade. But these plans will take years and require major investment and stable understandings with neighboring countries.
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