Iraq loses 60 billion dollars due to US-Iran conflict and oil export disruptions

Iraq economic crisis oil export decline Strait of Hormuz blockade US-Iran conflict foreign currency reserves

Iraqi Foreign Minister Fuad Hussein has announced that Iraq has suffered approximately 60 billion dollars in economic losses due to the ongoing conflict between the United States and Iran. The crisis has been significantly exacerbated by the blockade of the Strait of Hormuz, which has disrupted vital oil shipping routes.

Before the conflict began in late February, Iraq produced roughly 4 million barrels of oil per day, exporting 3.5 million barrels, primarily through the Strait of Hormuz. Due to the maritime restrictions and limited storage capacity, Iraq was forced to halt production at most fields and rely on limited exports via pipelines through Turkey and tankers via Syria.

Recent data from the Ministry of Oil indicates a slight recovery in exports, reaching 2.6 million barrels per day between September 1 and September 21. However, the country continues to face severe economic pressure, including a 20 billion dollar decrease in foreign currency reserves and rising consumer prices. To manage the crisis, the Central Bank of Iraq recently increased the official exchange rate of the dinar against the dollar for the first time in over three years.

In an effort to stabilize the economy, Iraq is working to diversify its revenue streams, aiming to increase non-oil revenue from 10 percent to 45 percent by 2037.

Entities

Antonio Tajani · Central Bank of Iraq · Fuad Hussein · Iran · Iraq · Italy · OPEC · United States · United States

Claims

What the coverage asserts, and how many sources carry each claim.

[● 12 SOURCES] Iraq has incurred approximately 60 billion dollars in economic losses due to the conflict between the United States and Iran. s.alwakeelnews.com · aftabnews.ir · www.capital.gr · www.thepressroom.gr · www.energymag.gr · +4 more
[● 8 SOURCES] Iraq's foreign currency reserves have decreased by 20 billion dollars. s.alwakeelnews.com · www.capital.gr · www.thepressroom.gr · www.energymag.gr · www.profit.ro · +2 more
[● 8 SOURCES] Iraq aims to increase non-oil revenue from 10 percent to 45 percent by 2037. s.alwakeelnews.com · www.capital.gr · www.thepressroom.gr · www.energymag.gr · www.profit.ro · +2 more
[● 8 SOURCES] The Central Bank of Iraq increased the official exchange rate of the dollar last week, for the first time in over three years. s.alwakeelnews.com · www.capital.gr · www.thepressroom.gr · www.energymag.gr · www.profit.ro · +2 more
[● 8 SOURCES] Iraqi oil exports reached 2.6 million barrels per day between September 1 and September 21. s.alwakeelnews.com · www.capital.gr · www.thepressroom.gr · www.energymag.gr · www.profit.ro · +2 more