Iraq's oil output may recover to pre-war levels
It is expected that Iraq will restore its oil production to pre-war levels within one to two months, following a sharp decline due to the closure of the Strait of Hormuz amid regional tensions. Officials from the Ministry of Oil explained that production could return to over 3 million barrels per day from the southern fields, which constitute the focus of most production operations, as the fields that had reduced their capacities are gradually increasing output. Before the war, Iraq was exporting around 3.5 million barrels per day and relied heavily on oil revenues to fund its budget, amidst the impacts of the Strait's closure and hostilities targeting its oil infrastructure.
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