Iraq Seeks Diversified Oil Exports to Europe Amid Strait of Hormuz Blockade

Iraqi Prime Minister Ali al-Zaidi is seeking to diversify his country's oil exports by exploring new routes to Europe. During a press conference with German Chancellor Friedrich Merz in Berlin, Zaidi emphasized that Iraq cannot remain reliant on the Strait of Hormuz, which has been blockaded by Iran during the Middle East war.

Zaidi discussed oil exports to Europe with both Merz and French President Emmanuel Macron, whom he met in Paris on Monday. He stated that Baghdad could 'double its oil exports through the Mediterranean' to supply markets in Europe and the United States.

Iraq's current oil exports account for nearly 90% of its revenue, but have been hurt by the Middle East war between Iran and the US. The country produced around four million barrels per day before the war began in February, exporting an average of 3.4 million bpd mostly via Hormuz.