Iraq Seeks Oil Production Surge Amid Hormuz Disruptions

Iraq's prime minister, Ali Al-Zaidi, announced plans to increase the country's oil production to 10 million barrels per day within six years. Crude oil sales account for nearly 90% of Iraq's revenue, but exports have been impacted by the Middle East war between Iran and the US, which choked off the Strait of Hormuz.

Before the conflict began, Iraq produced around 4 million barrels per day, with most exports passing through the Basra oil terminal via Hormuz. However, due to the waterway disruption, Baghdad has had to divert exports using tanker trucks through Syria and a pipeline to the Turkish port of Ceyhan.

Zaidi stated that Baghdad is working to increase oil exports via Ceyhan, as well as Baniyas in Syria and Aqaba in Jordan. The closure of the Strait of Hormuz poses a major challenge, he said.