Iraq Loses Major Oil Markets, Seeking Alternatives to Hormuz

The year 2026 has become a turning point for Iraq's oil economy as exports through the Strait of Hormuz effectively ceased. Data confirms a dramatic drop from 3.36 million bpd in February to just 131,000 bpd in April. This 2026 shock prompted Iraq to export via Egypt and Vietnam while diversifying routes through Turkey and Syria. The government is now focusing on the Basra-Haditha pipeline to bypass regional bottlenecks and protect its 2026 national budget from further revenue losses.