Shafaq News- Baghdad
Iraq produced about 302 million barrels of oil in the firstquarter of 2026, the Eco Iraq Observatory said on Sunday, urging authorities todiversify export routes beyond reliance on Gulf shipping.
In a statement, the observatory said output reached around4.157 million barrels per day in January and rose to 4.188 million barrels perday in February, before dropping sharply in March to about 1.625 millionbarrels per day.
It warned that reliance on a single export corridor exposesIraq to geopolitical risks and proposed reviving the New Levant route as analternative to expand outlets, boost flexibility during crises, and ensuresteady supply to global markets, especially during regional tensions.
Iraq’s oil output fell from 4.3 million to 1.3 millionbarrels per day amid disruptions in the Strait of Hormuz, cutting exports tobelow 800,000 barrels per day and causing losses of about $128 million daily. Despite this, officials say the impact remains contained, supported bygovernment subsidies and foreign reserves of around $100 billion.
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