Historic Collapse of Iraqi Oil Exports in April Due to Strait Crisis

Iraqi seaborne oil exports plummeted to unprecedented lows in April 2026, reaching only 131,000 bpd due to the closure of the Strait of Hormuz. This represents a 96% annual decline, causing severe budget deficits as major importers like China and India vanished. Production also dropped significantly to 1.62 million bpd. Currently, Egypt and Vietnam remain the only seaborne destinations. To mitigate the crisis, Baghdad is utilizing the Turkish Ceyhan pipeline and land routes via Syria, while fast-tracking the Basra-Haditha pipeline project to ensure future supply sustainability away from regional tensions.