Iraq's oil exports fall by about 75 percent due to the Strait of Hormuz crisis

Baghdad, August 8 (KUNA) -- Iraqi Oil Minister Basim Muhammad announced on Saturday that Iraq’s oil exports had fallen by approximately 75 percent compared to levels before the Strait of Hormuz crisis, adding that his country is currently seeking new export routes to bolster shipments.

In a press conference, Muhammad said, “Iraq’s exports dropped from an average of 106 million barrels per month before the crisis to around 22 million afterward, then gradually improved to reach 24 million in June last year and 42 million in July last year.”

He added that his ministry is striving to develop the oil industry, increase production and exports, upgrade infrastructure and oil sector human resources, expand the investment base, and attract major global companies.

He clarified that the ministry is working to enhance export infrastructure and diversify export routes, noting that his recent visit to the United States opened a new chapter of cooperation with major American firms that possess modern technology and effective management capabilities in the oil industry.

In this regard, Muhammad pointed to the signing of an agreement with a consortium of three American and Qatari companies to build a pipeline for exporting oil that would link southern and northern Iraq, running from Basra to Ceyhan on the Turkish border, with a branch from the city of Haditha in western Iraq to the Syrian port of Baniyas, and another line heading to the port of Aqaba. “All these routes will provide multiple outlets for exports.” (End) A.M.S.