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2026-04-07 08:58:31
[Iraq: Oil Exports Could Restore to Pre-War Levels Within a Week if Strait of Hormuz Reopens] 1. The head of Iraq's state-owned Basra Oil Company stated that if the war with Iran ends and the Strait of Hormuz reopens, Iraq could restore its crude oil exports to pre-war levels of approximately 3.4 million barrels per day within a week. 2. Analysts point out that among Gulf oil-producing countries, Iraq has experienced the largest decline in oil revenue due to a lack of alternative transportation routes. However, as OPEC's second-largest oil producer, Iraq is capable of rapidly restoring production. 3. The official stated that Iran has so far only verbally guaranteed passage for Iraqi oil tankers and has not yet received any formal documents. Currently, the southern oil fields produce approximately 900,000 barrels per day; once the Strait of Hormuz's security is guaranteed, exports could recover to 3.4 million barrels per day within a week.
