Economic Observatory Highlights Iraqi Oil Output Recovery Reaching Peak Levels Before Hormuz Closure

The Eco Iraq Observatory revealed on Saturday that Iraq extracted approximately 834.7 million barrels of crude oil during the first nine months of 2026, noting that September recorded the highest daily extraction rate since the beginning of the year at 4.399 million barrels per day, prior to the closure of the Strait of Hormuz. A report issued by the observatory indicated that Iraqi crude production remained within its standard parameters during January and February, maintaining an average exceeding 4.1 million barrels daily. Specifically, daily output reached 4.097 million barrels in January and 4.140 million barrels in February. However, volumes plummeted sharply starting in March due to the regional war and its repercussions, declining to 1.906 million barrels daily, then falling to 1.633 million barrels in April, until hitting a period low in May at 1.406 million barrels per day. The observatory highlighted that a gradual recovery began in June, with output rising to 1.525 million barrels daily. This upward trajectory continued throughout the third quarter of the year, as average production reached 2.901 million barrels daily in July and climbed to 3.746 million barrels in August, ultimately reaching 4.399 million barrels per day in September. These figures, derived from direct communication data in OPEC tables, confirmed September as the peak production period prior to the Strait of Hormuz closure.