Iraq is unable to export oil through the Strait of Hormuz because of the war in Iran and the blockade of this key shipping route, three industry sources said on Sunday. Before the conflict in the Middle East, production from the indicated fields was approximately 4.3 million barrels per day. — Oil storage facilities have reached maximum capacity and the remaining production after major cuts will be used to supply the country's refineries – a representative of the state-owned Basra Oil Company (BOC), which manages production and exports from southern fields, told Reuters.
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Reuters: Oil exports from Iraq will be completely stopped
The Strait of Hormuz is a narrow but crucial waterway for the global economy between the Persian Gulf and the Gulf of Oman. This is one of the most important raw material transit bottlenecks, through which approximately one fifth of global oil and liquefied natural gas flows pass. After the outbreak of the conflict between Iran and the USA and Israel, ships cannot pass freely here, which turned out to be disastrous for Iraq, 90% of which state revenue comes from the sale of oil.
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According to Reuters, Iraq's oil exports have dropped sharply to an average of around 800,000. barrels per day on Sunday. Only two tankers were loaded that day, an agency source said. With no new tankers able to reach Iraq's southern terminals, exports from there are expected to soon come to a complete halt.
Oil exports from Iraq's southern oil fields amounted to 3.334 million barrels per day in February this year, an oil ministry document showed. “This is the most serious operational threat Iraq has faced in over 20 years,” a senior Iraqi oil ministry official told Reuters.
