Iraqi Oil Minister Basim Mohammed Khudair said that prior to the escalation of US-Iran hostilities, Iraq's oil exports through the Strait of Hormuz and the Ceyhan pipeline averaged 1.5 million barrels per day. Iraq is seeking a significant increase in exports to make up for financial losses caused by the closure of the Strait of Hormuz. Iraq has set an oil production target of 7 million barrels per day. The strategy seeks to expand refining capacity and production of petroleum-derived products.

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