Since the closure of the Strait of Hormuz, Iraq has lost approximately $38 billion due to the halt in oil exports.
Since the closure of the Strait of Hormuz, Iraq has lost approximately $38 billion due to the halt in oil exports.
2026-06-20
Shafaq News – Baghdad
The Economic Affairs Observatory “Eco Iraq” announced on Saturday that Iraq has lost about 350 million barrels of oil exports since the closure of the Strait of Hormuz, equivalent to about $37.7 billion, calling for accelerating the implementation of the “New Levant” project as a strategic option to secure alternative export outlets and reduce dependence on maritime outlets.
The observatory stated in a statement received by Shafaq News Agency that Iraq, prior to the closure of the Strait of Hormuz on February 28, was exporting between 103 and 107 million barrels of crude oil per month.
He explained that the closure of the strait due to the war in the region led to a decline in exports, with losses amounting to 84,395,049 barrels in March, 93,115,870 barrels in April, 92,801,000 barrels in May, while the current month of June recorded about 79,600,000 barrels.
According to “Eco Iraq”, the gap in Iraqi exports during the aforementioned period is estimated at about 350 million barrels, representing lost export opportunities valued at about $37.7 billion based on average oil prices during the period.
He concluded his statement by noting that the “New Levant” project represents an urgent strategic necessity to ensure the stability of Iraqi oil exports and to secure vital alternatives away from the geopolitical risks that threaten maritime routes, especially since the Iraqi economy depends on oil revenues by nearly 90%.
shafaq.com
