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Hormuz closure strains Iraq with $80B losses
The article discusses the significant losses incurred by Iraq as a result of the closure of the Strait of Hormuz, amounting to approximately $80 billion since the start of the regional conflict. These losses are primarily due to the country’s heavy reliance on passing 90% of its oil exports through the strait. In response, Baghdad has increased its oil exports to over 3 million barrels per day since early September, and plans to boost production to 5 million barrels daily by enhancing infrastructure and developing alternative export routes. These include the Basra-Um Qasr pipeline and a separate line from Basra to Oman, with the aim of reducing dependence on the Strait of Hormuz and avoiding risks that could disrupt oil exports. Iraq’s exports in August reached their highest level since the outbreak of the conflict, averaging 2.2 million barrels per day, with export operations continuing despite logistical and security challenges.
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