Iraq announces oil revenue loss exceeded 40 billion dollars due to Strait of Hormuz disruptions
मुख्य बिंदु
- It was reported that Iraq's oil revenue loss due to disruptions in the Strait of Hormuz has exceeded 40 billion dollars and could approach 50 billion dollars.
- According to the Prime Minister's financial advisor, the country's oil exports decreased by 90 percent following the conflicts that began in February.
- Due to Iran closing the Strait of Hormuz, Iraq was forced to halt production and redirected its exports to Turkey and Syria.
- The Iraqi government is trying to diversify its export routes by reopening the Ceyhan pipeline and planning new pipelines.
आंकड़ों में
Following the outbreak of conflicts in the Middle East, Iraq's oil revenues suffered a loss exceeding 40 billion dollars. If the disruptions in the Strait of Hormuz continue, the country's total damage is expected to approach 50 billion dollars. The conflicts severely suppressing Iraq's oil exports and financial revenues constitute the main reason for these economic losses.
According to Muzhar Salih, financial advisor to the Iraqi Prime Minister, the country's oil exports plummeted by 90 percent following the start of the war with the attacks launched by the US and Israel against Iran in late February. As a result of Iran closing the Strait of Hormuz and disrupting tanker traffic, Iraq was forced to halt production in a large part of its oil fields. Prior to the conflict, Iraq had a daily average production capacity of 3.5 million barrels, exporting a significant portion of its oil through this strategic waterway.
Because approximately 90 percent of government revenues are generated from oil exports, Iraq is extremely vulnerable to such disruptions in global energy trade. To overcome this crisis, the Baghdad administration has sought alternative routes that would reduce its dependence on the Strait of Hormuz. Having partially restarted pipeline exports to Turkey's Ceyhan port, the country has also started transporting crude oil via tankers through Syria.
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- What is the main reason for the drop in Iraq's oil exports?
- Iran blockading the Strait of Hormuz and stopping tanker traffic caused Iraq to halt production in most of its oil fields.
- How much did the Iraqi government's monthly oil revenue drop?
- According to the Iraqi Oil Minister, the monthly oil revenue entering the treasury decreased from 7-8 billion dollars to 1.5 billion dollars.
- Through what alternative routes to Hormuz is Iraq continuing its oil exports?
- To sustain its oil exports, Iraq reopened the pipelines leading to the Ceyhan port in Turkey and started crude oil transportation via trucks through Syria.
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- The Boston Globe·
- Kronen Zeitung·