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2026-07-18 19:38:12
[Iraq's Daily Oil Exports Once Reached 1.5 Million Barrels; Seeks to Expand Production to Compensate for Losses Due to Strait of Hormuz Disruption] ⑴ The Iraqi Oil Minister revealed that before the escalation of hostilities between the US and Iraq, the country's daily oil exports via the Strait of Hormuz and the Ceyhan pipeline averaged 1.5 million barrels. The current geopolitical conflict has significantly impacted this crucial export route. ⑵ Iraq is seeking to substantially increase exports to compensate for the financial losses caused by the obstruction of passage through the Strait of Hormuz, setting an oil production target of 7 million barrels per day, representing a significant increase from current levels. ⑶ From a strategic perspective, Iraq is simultaneously advancing its expansion plans for refining capacity and oil derivatives production, aiming to extend the value chain and reduce dependence on direct crude oil exports, while providing a stronger buffer for domestic energy security. ⑷ The key focus going forward is whether Iraq can achieve increased exports through the Ceyhan pipeline or other alternative routes if passage through the Strait of Hormuz remains obstructed, and how the actual pace of achieving its production targets will affect international crude oil market supply expectations.
