Iraq's Oil Exports Plummet Amid Strait of Hormuz Closure

Iraq's oil exports have plummeted drastically due to the closure of the Strait of Hormuz, according to Minister of Oil Basim Khudair. The country's crude oil production stands at around 2.7 million barrels per day, while exports range between 1.5 and 1.7 million barrels per day.

This is a significant drop from the pre-escalation figure of almost 3.4 million barrels per day through the Strait of Hormuz, Khudair noted. The government is exploring alternative routes and diversifying crude oil export routes to mitigate the impact of the closure.

The Ministry of Oil is working on two parallel tracks for gas development, including ending associated gas flaring and developing gas fields. 14 contracts have been referred to international companies to implement projects in this field.