Iraq oil exports rise amid global energy transition pressures

Iraq's daily oil exports reached approximately two million barrels in August, the highest level since the onset of conflict in West Asia that impacted the Strait of Hormuz. Iraqi Oil Minister Bassem Mohammed Khudair reported that total exports for the month reached about 26 million barrels. This follows disruptions caused by US-Israel strikes on Iran, which led to restrictions on the critical maritime trade route.

In Indonesia, geopolitical tensions and fluctuations in the Strait of Hormuz have driven speculation that international crude oil prices could approach the Indonesian Crude Price (ICP) assumption of USD 75 per barrel. Bambang Patijaya, Chairman of Commission XII of the Indonesian House of Representatives, noted that while global supply chains have largely normalized, high oil prices serve as a catalyst for the energy transition.

He emphasized that rising fossil fuel costs will naturally encourage a shift toward more affordable alternatives, specifically electric vehicles (EVs). Patijaya expressed support for government programs aimed at accelerating the national electric vehicle ecosystem to protect the economy from the pressures of imported oil.