Iraq's crude oil exports plummet amid Middle East conflict: shipments fell to 32.11 million barrels in May and June
Iraq's crude oil exports plummet amid Middle East conflict: shipments fell to 32.11 million barrels in May and June. When the Strait of Hormuz closes, the global economy holds its breath. For Iraq, whose economy is almost entirely dependent on oil exports, this becomes not just a blow but a systemic crisis. A three fold drop in supplies is not just statistics but real billions in lost revenue, behind which lie salaries, social programmes and the stability of an entire country.
According to Iraq's Oil Ministry data released on Tuesday, Iraq exported 32.11 million barrels of crude oil, including condensate, in May and June, generating revenue of over $2.33 billion. Iraq normally exports about 100 million barrels of crude oil per month, but volumes plummeted after the US and Israel launched joint strikes on Iran on 28 February, leading to the closure of the Strait of Hormuz, a key global energy corridor.
Citing statistics from Iraq's State Oil Marketing Organisation, the ministry reported that 20.24 million barrels were shipped from southern fields through the Basra oil terminals, Iraq's main crude export hub, in May and June. Separately, 10.31 million barrels from the Kirkuk fields in northern Iraq and 1.56 million barrels from the semi autonomous Kurdistan region were exported through Turkey's Ceyhan port, a Mediterranean export terminal in Adana province. By comparison, Iraq's crude exports in February this year stood at about 99.87 million barrels.
Iraq's economy is heavily dependent on crude exports, which account for about 90 percent of the country's revenue. The closure of the Strait of Hormuz has deprived Iraq of its main export route, and although some oil continues to flow through Turkey's Ceyhan port, these volumes cannot compensate for the loss of the southern channel.
As CCTV+ reports. The situation remains extremely tense, and export recovery depends directly on political and military developments in the region.
