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7h ago

Iraq Holds Oil Output at 1.4 Million Bpd as Gulf Exports Stay Blocked

Oil revenue funds roughly 90% of the budget, heightening the stakes of prolonged disruption.

The Rumaila oilfield in Basra, Iraq. Oil revenue accounts for nearly 90 per cent of the country's income. Reuters
Basrah tankers moored at export port

Overview

  • Iraq’s oil minister said production will remain near 1.4 million barrels per day, far below pre‑war levels above 4 million bpd.
  • Southern maritime exports were halted after the US‑Israeli war with Iran disrupted tanker traffic through the Strait of Hormuz.
  • About 200,000 barrels per day are currently moving by truck through neighboring countries including Turkey, Syria, and Jordan.
  • Baghdad is pursuing exports via Turkey’s Ceyhan pipeline, and officials say an agreement is expected soon though details are not finalized.
  • The oil ministry has asked the Kurdistan Regional Government to raise at least 100,000 bpd from Kirkuk to feed potential northbound flows.