Iraq's oil exports drop, loses billions
Iraq has lost more than $40 billion in oil revenues since the start of the Middle East war, due to a decline in exports of up to 90% as a result of the closure of the Strait of Hormuz and related geopolitical events. Baghdad relied on exporting around 3.5 million barrels per day, most of which was through Hormuz, but the halt in exports has led to significant losses and the closure of many oil fields. With the ongoing conflict and the continued closure of the Strait, the Iraqi government is expecting total losses to reach as much as $50 billion, amid a sharp decline in oil revenues, which previously constituted 90% of the country's income. Iraq has also turned to exporting oil through alternative routes such as Syria and Turkey, but ongoing challenges have caused a substantial decrease in revenues.
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