Basra, Iraq: Iraq could quickly restore its oil exports if the ongoing Iran war ends and the Strait of Hormuz reopens, according to a senior oil official.
The head of the state run Basra Oil Company said exports could reach around 3.4 million barrels per day within a week if the situation improves.
Iraq’s oil sector has been badly affected by the conflict. Due to the closure of the Strait of Hormuz, which is a key route for global oil transport, the country’s exports have dropped sharply in recent weeks.
Before the war, Iraq was exporting large amounts of oil daily, but now shipments have slowed because tankers are unable to move safely through the region.
Officials said Iraq depends heavily on this route and does not have many alternative ways to export oil, which has made the situation worse.
Despite the challenges, the Basra Oil Company said the country still has the capacity to increase exports quickly once normal conditions return.
The reopening of the Strait of Hormuz and an end to the conflict are seen as key factors for stabilizing Iraq’s oil supply and global energy markets.
