Iraq forgoes 350M barrels in oil exports since Hormuz closure

Shafaq News- Baghdad

Iraq has lost an estimated 350 million barrels of oil exports since the closure of the Strait of Hormuz, equivalent to approximately $37.7 billion in lost revenue, Eco Iraq, an economic affairs observatory, reported on Saturday.

Before the closure of the Strait on February 28, Iraq exported between 103 million and 107 million barrels of crude oil per month, Eco Iraq stated, noting that the closure led to a sharp decline in exports over the following months. According to figures, Iraq's export losses reached 84.4 million barrels in March, 93.1 million barrels in April, and 92.8 million barrels in May. Losses in June have so far totaled around 79.6 million barrels.

The organization called for accelerating the implementation of the "New Levant" project, describing it as a strategic option to secure alternative export routes and reduce reliance on maritime outlets.b

Iraq routed roughly 95% of its oil exports through the Strait of Hormuz before February 28, according to Oil Ministry figures.