Iraq Exports Over 30 Million Barrels of Crude Through Hormuz

Iraq exported more than 30 million barrels of crude oil through the strategic Strait of Hormuz over a one-month period, according to data from maritime tracking firm Kpler.

The data showed that approximately 30 million barrels of Iraqi crude oil passed through the vital waterway between July 4 and August 4, despite disruptions to regional shipping caused by the ongoing Middle East conflict.

Before the crisis affected maritime traffic, Iraq produced around four million barrels of oil per day and exported an average of 105 million barrels per month, with most shipments leaving from the Basra oil terminal through the Strait of Hormuz.

Ali Nizar, head of Iraq’s State Organisation for Marketing of Oil (SOMO), said in a television interview that Iraq exported between 35.5 million and 37 million barrels through Hormuz in July.

An additional seven million barrels were shipped through the Iraq-Turkey pipeline to the Turkish port of Ceyhan.

Iraq’s Oil Ministry spokesman Salim al-Rikabi said some tankers had continued passing through Hormuz after loading, adding that the ministry was not responsible for vessel routes or required approvals.

According to SOMO figures, Iraq exported slightly more than 32 million barrels of crude oil through various routes in May and June, including more than 20 million barrels from its southern ports.

Crude oil exports remain the backbone of Iraq’s economy, accounting for around 90 percent of government revenues. However, revenues have fallen sharply, with Oil Minister Bassem Mohammed Khudair saying last month that monthly earnings had dropped from as much as $8 billion to just over $1.5 billion.

Iraq, a founding member of OPEC, was forced to reduce production at several oil fields during the conflict after storage facilities reached capacity due to export disruptions.