Iraq Boosts Oil Export Capacity Amid Strait of Hormuz Tensions
Iraq's oil export capacity has surpassed 3 million barrels per day (bpd) and is set to reach 5 million bpd as the country works on new routes away from the Strait of Hormuz, according to Oil Minister Basim Mohammed Khudair.
The government aims to increase its crude oil export capacity to 5 million bpd once strategic pipelines linking Iraqi fields to Fish-Khabur in the north and Syria's Mediterranean port of Banias are completed.
Baghdad is seeking to expand alternative export outlets as it looks to reduce dependence on the Strait of Hormuz, which has been subject to disruptions due to tensions between Washington and Tehran.
The government has ordered work to proceed on two strategic pipeline routes: Basra-Haditha-Fish-Khabur and Haditha-Banias. The northern route would connect southern oil fields with Fish-Khabur near the Turkish border, opening access to the Kirkuk-Ceyhan pipeline.
Iraq holds around 145 billion barrels of proven oil reserves, according to official figures. Its oil output fell to around 1.3 million bpd during the U.S.-Israeli war on Iran that began in late February, down from 3.3 million before the conflict.