Economic: Venezuela’s crisis gives Iraq an opportunity to boost its heavy oil exports
Economic: Venezuela’s crisis gives Iraq an opportunity to boost its heavy oil exports
1-3-2026
Information/Baghdad…
Economic expert Bilal Khalifa confirmed on Saturday that the current crisis in Venezuela could lead to a halt in Venezuelan oil supplies to global markets, which could significantly raise oil prices in the coming period.
Khalifa told Al-Maalomah News Agency that “Iraq can benefit from this crisis thanks to its production of Basra heavy oil, which is very similar to Venezuelan oil, making it a suitable alternative to American and Asian refineries that rely on Venezuelan oil.”
He explained that “Iraq, as a member of OPEC+, is able to increase its production within the collective framework to compensate for the shortage in supplies, benefiting from its huge reserves and infrastructure of ports and pipelines.”
He pointed out that “the loss of Venezuelan oil creates a gap in the market in terms of both quality and quantity, which boosts demand for Iraqi oil and gives it a significant competitive advantage in the medium term, within two to three years, as global prices continue to rise.”
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