Iraq Achieves Oil Export Surge Last August, Plans to Diversify Maritime Outlets

Iraq recorded its highest oil export rate last August, approximately 70 million barrels—a record since the outbreak of war and the Strait of Hormuz crisis. The Ministry of Oil announced initial revenues, the highest since the war began, with a plan to export crude by sea from outside the Strait. Salim Al-Rikabi, spokesperson for the Ministry of Oil, told the official agency that Iraq's crude oil production exceeded 3 million barrels daily. He added that the crude export rate in August surpassed 2.2 million barrels per day, plus about 30,000 cubic meters daily of fuel oil. Al-Rikabi clarified total oil exports in August reached approximately 70 million barrels of crude, achieving initial revenue, the highest since the war began, amounting to about $4.5 billion. He stressed these figures highlight the oil sector's importance and its role in supporting the national economy and public revenues. Al-Rikabi explained Iraq is moving, within its plans, to export crude oil by sea from outside the Strait of Hormuz. This step aims to boost Iraqi oil's market value, raise sale prices, maximize revenues, and enhance export flexibility, ensuring sustained export operations.