On the 8th local time, Iraqi Oil Minister Basim Mohammed Khudair said that due to the closure of the Strait of Hormuz, Iraq's oil exports have dropped 75%. Iraq is currently in negotiations with Iran to allow its oil exports, but the relevant arrangements have yet to take effect. Before the US-Israel conflict broke out, Iraq exported about 3.4 million barrels of oil every day through the Strait of Hormuz. After the conflict broke out, exports through this strait declined. Khudair stressed that Iraq needed to “find solutions to diversify oil export channels.”

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.