Iraq announced a nine-fold decrease in oil exports through the Strait of Hormuz

Oil exports from Iraq through the Strait of Hormuz decreased nine-fold last month and amounted to 10 million barrels due to the conflict in the region. This was announced on May 16 by the country's new oil minister, Bassem Mohammed Khudair, at a press conference on the occasion of his official inauguration.

"Iraq used to export about 93 million barrels of oil through the Strait of Hormuz every month, but last month, due to the war, this figure dropped to 10 million barrels," the INA news agency quoted the official as saying.

The new minister stressed that the main goal of his department in the near future will be to increase state revenues from the oil sector. To do this, the Ministry plans to turn all Iraqi provinces into oil production areas.

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On May 14, Reuters reported that Iraqi officials had asked the International Monetary Fund (IMF) for financial assistance in connection with the war in Iran. The authors of the article note that Iraq has suffered greatly from the war. It is specified that most of the oil exports were stopped due to the closure of the most important waterway.

On May 13, the International Energy Agency (IEA) indicated a deterioration in the forecast for global oil production in 2026. The situation, as explained, is developing due to the escalation of the conflict in the Middle East. Due to the military events in the region, the global supply of raw materials may decrease by 8 million barrels per day this month.