Iraq's daily exports once reached 1.5 million barrels, seeking to expand production to compensate for losses from the Strait of Hormuz disruption

智通财经2026/07/18 11:46

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The Iraqi oil minister revealed that before the escalation of hostilities between the US and Iran, the country's average daily oil exports through the Strait of Hormuz and the Ceyhan pipeline amounted to 1.5 million barrels. The current geopolitical conflict has already had a substantial impact on this key export channel.
Iraq is seeking to significantly increase exports to offset the financial losses caused by disruption in the Strait of Hormuz, and has set an oil production target of 7 million barrels per day, which still leaves considerable room for growth compared to current levels.
Strategically, Iraq is simultaneously advancing capacity expansion plans for refining and oil derivatives production. The aim is to extend the industrial value chain and reduce reliance on direct crude exports, while also providing a greater buffer for domestic energy security.
Going forward, the main focus will be whether Iraq can achieve the expected increase in exports through the Ceyhan pipeline or other alternative routes if passage through the Strait of Hormuz remains hindered, and how the pace of achieving the production target will impact international crude oil market supply expectations.

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Iraq's daily exports once reached 1.5 million barrels, seeking to expand production to compensate for losses from the Strait of Hormuz disruption

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