Iraq Oil Exports Fall to 1.75 Million Barrels Per Day

Iraq's crude oil exports have significantly decreased to 1.75 million barrels per day this month, a sharp decline from pre-war levels, Oil Minister Basim Mohammed Khudair Al-Abadi announced Saturday. The minister stated that Iraq previously exported around 3.4 million barrels per day through the Strait of Hormuz, but shipments have dropped considerably since the conflict began. To address this, Iraq is seeking long-term solutions to diversify its export routes and is working to gradually increase crude exports through Turkey's Ceyhan port to 750,000 barrels per day from fields in Kirkuk and the Kurdistan region. Crude from southern fields is also being transported by tankers and through the strategic pipeline. Al-Abadi revealed that Iraq has partnered with a consortium led by U.S. energy major Chevron to construct a new pipeline from Basra to northern Iraq, with a capacity of 2 million barrels per day and an estimated cost of $15 billion. This project, to be developed under a build-operate-transfer model, aims to link Iraqi exports to Syria and Jordan. The minister expressed confidence that Iraq's oil fields are ready to restore exports to previous levels once the conflict concludes, emphasizing the government's commitment to providing a secure investment environment. Iraq is also renewing its oil agreement with Turkey, aiming to increase transport volumes and involve Iraq in specific projects. Recent visits to the United States have marked a new phase of cooperation with international companies, which Al-Abadi believes will bring valuable training, infrastructure development, and job creation to Iraq.

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All oil fields are ready to restore exports to their previous levels.