Iraq's Oil Exports Plummet 36% Amid Ongoing Conflict

A recent report from TankerTrackers has revealed that Iraq's oil exports plummeted by 36% in August, making it one of the Middle Eastern countries with the largest declines in shipments. This significant drop is attributed to the US-Israeli war with Iran, which began earlier this year and significantly impacted global oil production. In comparison, Iran posted a massive decline of 100%, followed closely by Qatar and Saudi Arabia, who both saw their exports drop by 48%. Kuwait also registered a 36% decline in oil exports, matching Iraq's figure.

The United Arab Emirates, on the other hand, recorded the smallest decline, with its oil exports dropping by just 0.02% from pre-war levels. TankerTrackers noted that shipping activity has increased in the Gulf of Oman, with about 7 million barrels being transported under US military protection. Furthermore, the service tracked 17 ship-to-ship oil and gas transfers in the Gulf of Oman on Friday, involving an estimated 24 million barrels.