Baghdad: The Ministry of Oil revealed that oil exports reached their highest level in August, reaching nearly 70 million barrels for the first time since the outbreak of war and the Strait of Hormuz crisis.

According to Iraqi News Agency, Iraq’s crude oil production rate exceeded 3 million barrels per day, while the average crude oil export rate during August reached more than 2.2 million barrels per day. The average export rate of fuel oil reached approximately 30,000 cubic meters per day, as reported by Salim al-Rikabi, the official spokesperson for the Ministry of Oil.

He highlighted that Iraq’s oil exports during August reached approximately 70 million barrels of crude oil, generating the highest initial revenue since the start of the war, amounting to about $4.5 billion. These figures underscore the importance of the oil sector and its role in supporting the national economy and boosting public revenues.

Al-Rikabi further mentioned that Iraq is moving, as part of its strategic plans, towards exporting its crude oil by sea outside the Strait of Hormuz. The objective is to increase the market value of Iraqi oil, raise selling prices, maximize revenues, enhance the flexibility of export outlets, and ensure the sustainability of export operations.