Iraq oil minister: Hormuz crisis disrupted crude exports, solutions needed
Iraq's oil minister said the Hormuz crisis affected crude exports and called for measures to prevent a recurrence, highlighting the need to diversify export routes.
Key Takeaways
AIIraqi Oil Minister Bassem Mohammed Khudair said the Hormuz crisis has impacted crude oil exports and stressed the need to find solutions to prevent such disruptions in the future.
He added that before the conflict, Iraq was exporting around 3.4 million barrels per day through the Strait of Hormuz, but export volumes via this route declined after the war. He emphasized the importance of developing future solutions to diversify export channels, according to the Iraqi News Agency (INA).
The minister also stated that the ministry is working to advance the oil industry, increase production and exports, build infrastructure, boost investments, and attract international companies to optimize oil and gas development.
Khudair noted that Iraq needs to build advanced infrastructure after enduring 50 difficult years of wars and terrorism. He pointed out that the Iraqi government is committed to its program and determined for Iraq to assume a leading role, which will positively impact the country's economy and living standards.