Iraq's August oil exports hit highest since West Asia war began

Iraq's oil exports surged in August, hitting their highest levels since the West Asia conflict began, according to Oil Minister Bassem Mohammed Khudair. The nation averaged two million barrels daily, accumulating about 26 million barrels for the month. This significant increase marks the first time since February 28 that Iraq has achieved such export volumes.

The conflict, triggered by U.S.-Israel attacks on Iran, led Iran to block the vital waterway for global oil and gas trade. Before the war, Iraq produced roughly four million barrels daily and exported an average of 105 million barrels per month, primarily through the Basra oil terminal via the Strait of Hormuz.

Ali Nizar, head of Iraq's State Oil Marketing Organization (SOMO), stated last week that Iraq exported between 35.5 million and 37 million barrels through the Strait of Hormuz in July. An additional seven million barrels were exported via pipeline to the port of Ceyhan in Turkey. Data from SOMO indicates that Iraq exported over 32 million barrels in May and June, with more than 20 million originating from southern ports.

Despite the war's disruption to most production sites, Iraq has found alternative export routes. The country has begun exporting crude oil via tanker trucks through Syria, in addition to using pipelines to Turkey. These efforts demonstrate Iraq's resilience in maintaining oil exports amidst regional instability.