Iraq’s oil is threatened. An expert warns of imminent paralysis if the Strait of Hormuz ignites.
Iraq’s oil is threatened. An expert warns of imminent paralysis if the Strait of Hormuz ignites.
2025-06-14 00:06
Shafaq News/ Economic expert Mohammed al-Hasani confirmed on Saturday that Iraqi oil exports will be directly affected in the event of any disturbances in the Strait of Hormuz.
Al-Hasani told Shafaq News Agency, “The Israeli attacks and the associated fluctuations represent a challenge to Iraq and the Gulf states bordering it, which will be directly affected in the event of any disruptions to supplies through the Strait of Hormuz, as Iraq ships more than 99% of its oil through the strait to global markets.”
He added, “Iraq has no other outlet to market its crude oil after the closure of the second outlet via the Turkish port of Ceyhan,” adding that “crude oil exports to Jordan are almost negligible.”
He pointed out that “global oil prices have not risen significantly because Israel has not yet attacked Iranian energy infrastructure and export ports,” stressing that “attacking them would lead to disruptions in production and transportation in the Middle East, and would impact production or shipping lanes through the Strait of Hormuz.”
It is noteworthy that approximately one-fifth of the world’s total oil consumption passes through the Strait of Hormuz, representing approximately 18 to 19 million barrels per day of oil, condensates, and fuel, and approximately 11 billion cubic feet per day of liquefied natural gas.
Global oil prices rose, with Brent crude closing at $74.23, up 4.87%, while US crude also closed at $72.98, up 4.94%.
shafaq.com
