Iraqi Oil Losses Over 40 Billion
The article explains that Iraq has incurred oil losses exceeding $40 billion since the beginning of the Middle East war, due to the closure of the Strait of Hormuz and the geopolitical conflict's impact on its oil exports. Prior to the conflict, Iraq's production was around four million barrels per day, most of which were exported via the Strait. However, with the closure of the strait, exports dropped by up to 90%, leading to the shutdown of many oil fields and a significant decline in revenues. Forecasts suggest that losses could reach $50 billion if the conflict continues, as Iraq's monthly income has fallen from $7-8 billion to approximately $1.5 billion. Iraq is also attempting to diversify its export routes through Syria, Jordan, and Turkey.
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