Iraq plans to export oil bypassing Hormuz
Iraq faces significant challenges in exporting its oil after its exports were affected by more than 85% due to the Iran-Iraq war, leading to monthly revenues dropping below $1.5 billion. The country currently relies on exporting about 2.7 million barrels per day and is seeking ways to expand its oil export routes beyond the Strait of Hormuz, including establishing new pipelines to ports on the Mediterranean Sea such as Baniyas and Tripoli, despite political, technical, and financial obstacles. Relying on the Strait of Hormuz as a main transit route is considered one of the greatest vulnerabilities of the Iraqi economy, as demonstrated by the current crisis, with security risks and challenges in modernizing ports also looming. Studies indicate that these efforts are part of a broader strategy to restore balance to the regional energy market and reduce dependence on the Strait of Hormuz. However, such moves face significant security and financial risks, especially given the weaknesses of the ports and political pressures from hostile entities.
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