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

According to National Iraqi News Agency, ministry spokesman Salim al-Rikabi stated that current production has reached 3 million barrels per day. He noted that there is a strategic plan to export crude oil by sea outside the Strait of Hormuz. Al-Rikabi highlighted that Iraq’s crude oil production rate surpassed 3 million barrels per day, with crude oil exports during August exceeding 2.2 million barrels per day. He further explained that fuel oil exports were approximately 30,000 cubic meters per day.

Al-Rikabi clarified that Iraq’s oil exports for August generated revenue of approximately $4.5 billion, emphasizing the crucial role of the oil sector in supporting the national economy and boosting public revenues. He pointed out that these figures underscore the significance of the oil sector in the economic framework.

He also indicated that Iraq, as part of its strategic plans, aims to export its crude oil by sea outside the Strait of Hormuz. This move is intended to increase the market value of Iraqi oil, raise selling prices, and maximize revenues, in addition to enhancing the flexibility of export outlets and ensuring the sustainability of export operations.