Iraq's Oil Exports Reach 2 Million Barrels in August

Iraq's average daily oil exports in August reached 2 million barrels, marking the highest level since the Iran war. Basem Mohammed Khudair, the Iraqi Minister of Oil, announced at a press conference on the 14th that daily exports have hit 2 million barrels since the beginning of this month, bringing total exports to approximately 26 million barrels. This is the largest export volume since the U.S. and Israel's airstrikes on Iran. However, this remains insufficient compared to the pre-war daily production of about 4 million barrels and a monthly average export of 10.5 million barrels. Due to the blockade of the Strait of Hormuz, Iraq is utilizing alternative routes through a pipeline to Turkey and via Syria. The average oil export in July was about 1.5 million barrels per day, and the increase in August is analyzed as a result of expanded alternative exports. The U.S. Energy Information Administration forecasts that supply disruptions in the Strait of Hormuz could persist until the end of 2027, pointing out that while Iraq's export increase signals a recovery in supply, a gap compared to pre-war levels still exists.

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