Iraq Records Highest Oil Exports Since Start of Regional War, Oil Ministry Says

Reuters

One of the transport routes for Iraqi crude.

Iraq recorded its highest monthly crude oil exports in August since the outbreak of the regional war and disruptions to shipping through the Strait of Hormuz, with exports reaching nearly 70 million barrels, according to the Ministry of Oil.

Oil Ministry spokesman Salim al-Rakabi said Iraq’s average crude oil production exceeded 3 million barrels per day during August, representing an increase of more than 200,000 barrels per day compared with the previous month.

Al-Rakabi added that Iraq exported nearly 70 million barrels of crude oil in August, the highest monthly volume recorded since the beginning of the war.

“These figures reflect the importance of Iraq’s oil fields and their role in supporting the national economy and increasing public revenues,” he said.

Al-Rakabi said Iraq was pursuing a strategic plan to expand crude oil exports through alternative routes, with the aim of strengthening its position in international markets, increasing sales and maintaining the continuity of export operations.

He added that Iraq was working to increase shipments and diversify export terminals to ensure the uninterrupted flow of crude oil to international markets.

Iraq, OPEC’s second-largest oil producer, relies on crude exports for around 90% of federal revenues, leaving its finances highly vulnerable to disruptions in the Strait of Hormuz, through which roughly one-fifth of global oil supplies normally pass.



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