Hormuz Strait Closure Costs Iraq $37.7B

EICO Iraq Observatory has revealed that Iraq has lost approximately 350 million barrels of oil exports since the closure of the Strait of Hormuz, amounting to nearly $37.7 billion. This loss is due to a decline in exports in recent months resulting from the war in the region. The report emphasizes the importance of implementing the "New Shalam" project as a strategic alternative to provide secure export routes and reduce dependence on maritime passages, especially given the impact of geopolitical risks on the Iraqi economy, which relies on oil by nearly 90%.

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