Iraq forgoes 350M barrels in oil exports since Hormuz closure

Shafaq News- Baghdad

Iraq has lost an estimated 350 million barrels of oilexports since the closure of the Strait of Hormuz, equivalent to approximately$37.7 billion in lost revenue, Eco Iraq, an economic affairs observatory,reported on Saturday.

Before the closure of the Strait on February 28, Iraqexported between 103 million and 107 million barrels of crude oil per month, EcoIraq stated, noting that the closure led to a sharp decline in exports over thefollowing months. According to figures, Iraq's export losses reached 84.4million barrels in March, 93.1 million barrels in April, and 92.8 millionbarrels in May. Losses in June have so far totaled around 79.6 million barrels.

The organization called for accelerating the implementationof the "New Levant" project, describing it as a strategic option tosecure alternative export routes and reduce reliance on maritime outlets.b

Before the crisis started on February 28, Iraq routedroughly 95% of its oil exports through the Strait of Hormuz, according to OilMinistry figures.

: Iraq's oil lifeline is blocked: Here is why the crisis runs deeper than Hormuz