Iraq boosts oil export capacity

The Iraqi Council of Ministers has approved a plan to increase oil exports via pipelines to 770,000 barrels per day, up from around 220,000 barrels currently, with the aim of reducing reliance on maritime routes and enhancing the security of exports. This move is part of a broader strategy to diversify oil export methods and strengthen the resilience of the oil sector against geopolitical challenges, especially following a decline in exports through the Strait of Hormuz, which reached about 10 million barrels in April compared to an average of approximately 93 million barrels per month before the Iranian conflict. In another development, the council approved an agreement with Syria to transport and store oil through the ports of Baniyas and Tartus, along with the opening of a representative office to oversee export operations from this route. During the first four months of 2026, Iraq’s exports totaled approximately 236 million barrels, generating revenues estimated at $16 billion. Additionally, prior approval was given for a $1.5 billion allocation to build a pipeline extending from Basra to other areas in the region, aimed at strengthening export outlets.

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