Iraq's Oil Exports Plummet by 90% Amid Iran Conflict

The war between Iran and its allies has had a devastating impact on Iraq's economy, with losses estimated to be in the tens of billions of dollars.

Mudhar Saleh, a financial adviser to Iraqi Prime Minister Ali Al-Zaidi, stated that the country's crude oil export volumes have fallen to below 10% of pre-war levels due to the closure of the Strait of Hormuz. This has resulted in a sharp decline in Iraq's oil exports and the halt of some development projects.

The government's priority is now to protect its known 'red lines', which include salaries paid to public servants, pensions, and social care that directly benefit at least 9 million Iraqis. Saleh noted that the losses have reached $40-45 billion since the start of the conflict.