Iraq has reached agreements with the United States to allow oil exports through the Strait of Hormuz. Fouad Hussein, Iraq's Foreign Minister, announced in an interview that this agreement was made to facilitate Iraq's oil exports from a maritime route close to Oman.
Heavy Damages to Iraq from the War with Iran
The Foreign Minister of Iraq further referred to the damages caused by the Iran-Iraq war, stating that these damages have exceeded 60 billion dollars. This figure reflects the profound impacts of the war on Iraq's economy and the multiple disruptions in the country's oil exports.
Increase in Iraq's Oil Exports
In October, Iraq's oil exports significantly increased, reaching about 3.5 million barrels per day. This comes after oil exports in September had decreased to 2.65 million barrels per day. This unexpected increase may indicate an improvement in the economic situation and a return to stability in Iraq's oil industry.
The new agreements with the United States regarding oil exports could help Iraq maintain continuous access to global oil markets while strengthening its economic capacity. This move may also help reduce Iraq's dependence on other export routes that may be affected by regional tensions.
Given its rich oil resources, Iraq can act as one of the key oil suppliers in the global market. However, to maintain this position, it is essential for Iraq to continuously work on its oil infrastructure and improve its international relations.
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