Pakistan, May 16 — Iraq’s Oil Minister Basim Mohammed Khudair mentioned that the nation shipped 10 million barrels of oil through the Strait of Hormuz during April. He noted that this decrease is due to major disruptions caused by regional conflicts impacting this crucial waterway. This has had a major effect on global energy supply networks.
Khudair mentioned that Iraq once exported roughly 93 million barrels each month via the Strait of Hormuz. Nevertheless, he pointed out that exports dropped significantly because of war-related limitations and unrest. Additionally, he cautioned that the conflict has greatly damaged southern export pathways.
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The official stated that Iraq’s oil exports fell by over 80% at the peak of the crisis. Income also dropped considerably, decreasing to approximately $2 billion in March from $6 billion previously. As a result, the energy industry has experienced substantial financial strain.
He mentioned that approximately 200,000 barrels daily from Kirkuk are currently being shipped through Turkey. Iraq has signed an agreement with Baghdad and the Kurdistan Region to utilize pipelines for transporting oil to Turkey’s Ceyhan port. Additionally, efforts are in progress to raise this capacity to 500,000 barrels per day.
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Khudair stated that Iraq has significant potential to increase production once circumstances improve and the Strait is open again. He mentioned that the government plans to boost oil output throughout the provinces. Experts note that ongoing instability in the Strait of Hormuz continues to pose a major threat to global energy markets.
