Iraq boosts oil exports to 2 million barrels per day in August

Iraq’s Oil Minister Bassem Mohammed Khudair announced on Monday that the country’s oil exports have increased to around 2 million barrels per day since the beginning of August, signaling a recovery in export activity following the impact of the Strait of Hormuz crisis.

In an official statement, Khudair said that negotiations are ongoing with relevant parties regarding oil exports. He noted that four tankers are currently carrying Iraqi crude, and that average exports have reached about 2 million barrels per day since the start of August.

Khudair pointed out that more than 85 percent of Iraq’s budget relies on oil revenues, making the diversification of export routes and the strengthening of oil sector infrastructure a top economic priority for the country.

The oil minister affirmed that the government and ministry’s strategy is to diversify outlets for Iraqi crude exports, while continuing to rely on the Strait of Hormuz as a key route, in addition to the Turkish port of Ceyhan.

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