Observatory: Reviving the “New Damascus Road” is Iraq’s only option to guarantee oil exports
Observatory: Reviving the “New Damascus Road” is Iraq’s only option to guarantee oil exports
2026-03-07 00:54
Shafaq News – Baghdad
On Saturday, the Eco Iraq Observatory called on the Iraqi government to take urgent action to diversify its oil transport and export sources, stressing that reviving the “New Levant Road” project has become a national necessity to avoid economic losses resulting from the cessation of oil exports due to military operations in the maritime corridors.
The observatory stated in a statement received by Shafaq News Agency that “Iraq’s almost complete dependence on Basra ports in the Gulf has made the Iraqi economy vulnerable to significant geopolitical risks, especially at a time like this with the disruption of navigation in the Strait of Hormuz as a result of the military escalation in the region.”
The observatory explained that “the government’s failure to diversify its oil export sources has cost Iraq millions of dollars and directly affected the state budget and its ability to finance basic services.”
He added that the “New Levant Road” project, based on economic cooperation between Iraq, Jordan and Egypt, provides an alternative outlet for oil exports, with the export route being via a pipeline extending from Basra to the port of Aqaba on the Red Sea, and then later transferred to Sidi Kerir in Egypt for storage, refining and export via the Mediterranean Sea.
The observatory noted that “the project is not limited to exporting oil, but also constitutes a platform for economic integration in the fields of energy, industry and transportation, and reduces the risks resulting from dependence on a single export outlet.”
shafaq.com
