Iraq Expects Oil Production to Return to Pre-War Levels Within Two Months

Iraq anticipates its oil production will rebound to pre-war levels within the next one to two months, according to Salim Farhud, spokesperson for the Iraqi Ministry of Oil. This projection was shared via social media by the Iraqi News Agency (INA).

The conflict in the Middle East had previously led to a significant collapse in Iraq's oil exports. However, a recent memorandum of understanding between Washington and Tehran aimed at ending hostilities has offered a measure of relief, even as discussions for a lasting peace have been postponed.

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we expect oil production to return to pre-war levels within one to two months

Farhud stated that the production capacity of some oil fields, which had been reduced, is beginning to increase. Before the war began in late February, Iraq was exporting approximately 3.5 million barrels of oil daily, with the majority passing through the Strait of Hormuz. The country was forced to halt production at most of its oil fields due to full storage tanks and limited export routes through neighboring Turkey and Syria.

Iraqi Oil Minister Basem Hodeir informed INA that exports will resume gradually, depending on traffic flow in the Strait of Hormuz. Data from authorities indicates that in April, Iraqi crude oil exports through this waterway dropped to 10 million barrels, a stark contrast to the pre-war average of 93 million barrels. Iraq remains heavily reliant on crude oil exports, which typically account for about 90 percent of its revenue.

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we will gradually resume exports depending on the traffic flow in the Strait of Hormuz