Iraqi crude oil exports have tumbled from 3.4mn barrels per day to between 1.5mn and 1.7mn bpd due to the closure of the Strait of Hormuz.
Minister of Oil Basim Khudair said on Saturday that the country's current crude oil production stands at around 2.7mn bpd, while exports range between 1.5mn and 1.7mn bpd.
The pre-escalation figure for Iraq's exports was almost 3.4mn bpd through the Strait of Hormuz, Khudair added, explaining that export volumes had declined, prompting the government to explore alternative routes and diversify crude oil export routes.
This, Khudair said, includes the project to export oil through the Port of Aqaba and the Basra-Fishkhabur pipeline project, poised to be implemented under a build-operate-transfer (BOT) system.
The Iraqi minister affirmed that the country's oil fields are capable of restoring previous production and export levels, underlining that his country is committed to advancing oil infrastructure, diversifying export routes and enhancing gas investment.
Notwithstanding the challenges associated with the Strait of Hormuz, he noted, Iraq had pulled off securing oil supplies for the domestic market.
Khudair pointed out that the government is working to provide a secure and stable environment for companies and investments in the oil sector.
He said that the Ministry of Oil is working on two parallel tracks on gas. The first involves ending the flaring of associated gas, while the second focuses on developing gas fields, noting that 14 contracts have been referred to international companies to implement projects in this field.
