Iraqi oil exports achieved record levels last August, marking an unprecedented milestone since the outbreak of war and the Strait of Hormuz crisis. The Ministry of Oil reported total exports exceeding 70 million barrels, generating preliminary revenues of approximately $4.5
billion, the highest since the conflicts began. Salim Al-Rakabi, the Ministry of Oil's official spokesperson, confirmed in a press statement that Iraq's average daily crude oil production surpassed 3 million barrels. Al-Rakabi noted that crude oil exports during the same month
averaged over 2.2 million barrels daily, with fuel oil product exports reaching about 30 thousand cubic meters per day. Al-Rakabi further indicated that Iraq's total August oil exports, nearing 70 million barrels, and preliminary revenues of $4.5 billion, underscore the oil
sector's vital role in bolstering the national economy and enhancing state financial resources. As part of its strategic plans, Baghdad is pursuing sea-based crude oil exports from outside the Strait of Hormuz. This initiative aims to elevate the marketing value of
Iraqi crude, increase selling prices, and maximize revenues, alongside boosting export channel flexibility and ensuring sustained operations.
