Iraq Oil Exports Plummet Amid Hormuz Closure
Iraq's oil exports plummeted to an average of 530,000 barrels per day in May and June 2026 due to the continued closure of the Strait of Hormuz. The decline marked one of the lowest recorded levels for the country, which relies heavily on this route for its global shipments.
The exports generated approximately $2.3 billion in revenue for Iraq during the two-month period, a significant drop from the earnings before the six-week war with Iran began on February 28th.
According to data from the oil ministry, around 20 million barrels came from southern oilfields shipped through Basra ports, while more than 10 million barrels were transported via the northern Kirkuk-Ceyhan pipeline into Turkey.
Iraqi energy analyst Walid Khaddouri commented that this represents one of the lowest export levels in modern history for the country. In response to the crisis, SOMO's director general Ali Al-Shatri indicated that Iraq has developed a plan to increase oil exports from its southern oilfields, bypassing the Strait of Hormuz.