Iraq oil output rebounds as Hormuz tensions ease

The Iraqi Ministry of Oil expects oil production to return to pre-war levels within one to two months, with a gradual resumption of exports following the reopening of the Strait of Hormuz under a temporary agreement between the United States and Iran. The oil sector was significantly impacted by the closure of the strait, with exports dropping from approximately 93 million barrels per month to around 10 million barrels in April. Iraq has heavily relied on oil exports passing through the strait, which accounted for about one-fifth of global oil trade before the crisis. Restoring production and export levels is crucial for the Iraqi economy, as approximately 90% of its revenue depends on oil.

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