Iraq is the hardest hit by the Hormuz closure; oil exports plummeted 82% during March.
Iraq is the hardest hit by the Hormuz closure; oil exports plummeted 82% during March.
2026-04-26
Shafaq News – Follow-up
Iraq topped the list of countries most affected by the closure of the Strait of Hormuz during March 2026, after recording the highest rate of decline in crude oil exports among the Gulf producing countries, reaching 82%.
Data seen by Shafaq News Agency showed that the crisis was considered one of the biggest disruptions to the global oil market this year.
This sharp decline is attributed to Iraq’s almost complete reliance on its southern ports overlooking the Gulf for crude exports, without having alternative and efficient export pipelines outside the Strait’s route, which led to shipment disruptions, tanker congestion, and a significant drop in oil revenues during March.
Iraq was not alone in the circle of losses, as Kuwait came in second with a decline of 75% in its oil exports, followed by Qatar with 70%, as a result of its heavy reliance on the same maritime route for exporting oil and gas.
Saudi exports fell by 34%, while UAE exports declined by 26%, but both countries managed to reduce some of their losses by using alternative pipelines and ports outside the Strait of Hormuz.
In contrast, the Sultanate of Oman emerged as the biggest beneficiary of the crisis, after its oil exports jumped by 117%, benefiting from the fact that its main ports are located outside the Strait, which gave it a greater ability to continue exporting and to receive part of the shifting shipping traffic from neighboring countries.
This comes at a time when international energy reports confirm that the closure of the Strait of Hormuz, through which about 20% of global oil trade passes, caused the suspension or reduction of approximately 7.5 million barrels per day of production and exports from the Gulf states during March, amid continued concerns that any delay in resuming normal navigation could lead to wider financial losses and further increases in global crude oil prices.
shafaq.com
