Baghdad: The Eco Iraq Observatory announced today, Tuesday, that Iraq is losing approximately $128 million daily due to the production halt at the Rumaila oil field and fields in the Kurdistan Region, stemming from the ongoing security developments and war. In a statement, the observatory explained that the Rumaila field produces approximately 1.4 million barrels per day, while the production capacity of the Kurdistan Region fields is around 200,000 barrels per day, meaning that about 1.6 million barrels per day of Iraq’s total exports are currently suspended.

According to National Iraqi News Agency, the daily loss, based on an oil price of $80 per barrel, amounts to approximately $128 million, warning that continued escalation could lead to the shutdown of other fields. The observatory indicated that a week-long shutdown could cost the public treasury approximately $900 million, while losses could exceed $3.8 billion within a single month.

This situation places direct pressure on the general budget, which relies on oil revenues for more than 90% of its funding, and increases the likelihood of a worsening budget deficit if the crisis persists.