Iraq’s oil exports saw a sharp decline during the first months of 2026
Iraq’s oil exports saw a sharp decline during the first months of 2026
2026-05-19
Shafaq News – Baghdad
Official data released by the Iraqi Oil Marketing Company (SOMO) on Tuesday revealed a sharp and significant decline in the country’s oil exports and revenues during the first third of this year (2026), due to the escalation of military tensions in the region and the disruption of maritime traffic in the Strait of Hormuz during the months of March and April.
The company stated in statistical data reviewed by Shafaq News Agency that Iraq’s total exports for the first four months of this year fell to a record low of 235,977,511 barrels, achieving a total value of $16,034,083,457, affected by the stifling logistical restrictions imposed by the maritime shipping crisis in the Arabian Gulf.
According to official indicators, the southern outlets in Basra Governorate maintained the largest share of oil exports at 213,685,493 barrels, while the Kurdistan Region’s resumed exports through available channels amounted to 13,617,745 barrels, while the remaining quantities were distributed among the Qayyarah fields and Kirkuk oil exported through the Turkish port of Ceyhan as a partial alternative option.
Compared to the same period last year, the severity of the current crisis is highlighted; Iraq’s exports during the first four months of 2025 amounted to 406,107,853 barrels, which means that Iraq lost about 40% of its export capacity due to the partial closure of the strait, which explains the significant decline in financial revenues despite the record rise in energy prices on global stock exchanges.
Before the outbreak of the Strait of Hormuz crisis, Iraq exported stable quantities of approximately 100 million barrels per month, benefiting from safe shipping in the Arabian Gulf to provide regular financial flows to the public treasury. However, the recent disruptions and the partial closure of the strait caused exports to plummet to unprecedented lows at the height of the crisis (during March and April). Despite the record surge in oil prices on global exchanges, this price increase was insufficient to compensate for the significant loss in export volumes, resulting in a clear deficit in total revenues and threatening the government’s ability to finance public spending, operational obligations, and the country’s investment budget.
shafaq.com
