Al-Zaidi Orders Round-the-Clock Oil Operations Amid Strait Disruptions

Iraqi Prime Minister Ali Al-Zaidi has ordered oil companies to operate around the clock in response to disruptions caused by the closure of the Strait of Hormuz. This move aims to boost exports and sustain production, as Iraq's economy is heavily reliant on crude exports, with about 90% of federal revenue coming from this source.

With the Strait normally carrying roughly one-fifth of global oil supplies, the crisis has exposed Iraq's economic vulnerability. To address this, Al-Zaidi called for faster pipeline upgrades and alternative routes to reduce dependence on Hormuz. He also pressed officials to use the crisis as an opportunity to accelerate infrastructure projects.

Oil Minister Basim Al-Abadi reported that Iraq's crude exports stood at about 49 million barrels in July, with daily shipments averaging two million bpd since August 1st, a significant increase from previous levels. The Prime Minister emphasized that every barrel of oil left unsold results in delayed salaries and public services as well as losses to the state treasury.

Al-Zaidi demanded tangible results within one week, insisting that officials deliver solutions rather than explanations. He stated, 'Every barrel of oil left unsold meant a delay in salaries or public services and a loss to the state treasury.'