Iraq’s oil exports drop by 75 percent due to Hormuz closure

Iraq's oil exports have dropped by 75 percent due to the blockade of the Strait of Hormuz, said the country's Oil Minister, Bassem Mohammed Khudair.

Stating that this crisis has arisen due to the US-Israeli war with Iran, he said at a press conference that before the war, Iraq exported about 3.4 million barrels of oil per day and that it is important to find an effective solution to diversify future export routes.

Highlighting the current situation, he said that the country is currently producing 2.7 million barrels of oil per day and that only 1.5 to 1.7 million barrels of oil can be exported. Negotiations are underway with Iran to obtain permission to export Iraqi oil through the channel, but they have not yet been implemented.

In addition, he rejected any attack on oil companies in Iraq and announced that there has been an agreement to provide appropriate compensation to any company if it is damaged.

Source: Al-Jazeera.