Iraq's Economy Squeezed by Iran War-Disrupted Oil Exports

Iraq's economy is facing significant difficulties due to the ongoing Iran war, which has disrupted oil exports through the Strait of Hormuz. According to Prime Minister Ali al-Zaidi, Iraq has lost around $60 billion in oil revenues since the crisis began.

The disruption has hit Iraqi oil exports hard, with the country temporarily unable to export around 90 percent of its oil through its usual Gulf routes. This has pushed up the cost of imported goods and exposed the country's dependence on both oil revenues and imported petroleum products.

Iraq's oil minister, Basim Mohammed Khudhair, told parliament that Iraq's oil exports had fallen to no more than 200,000 barrels per day during the crisis. However, export capacity has since recovered, with Iraq able to move up to 4.254 million barrels per day on September 20.