Iraqi Foreign Minister Hussein has stated that the suspension of oil exports through the Strait of Hormuz has cost Iraq’s economy approximately $60 billion. He shared this information during an interview with Al Jazeera.
Oil is Iraq’s primary export, and the country possesses vast oil reserves. For a long time, Baghdad was able to cover its import costs and maintain a trade surplus using the revenue generated from selling oil abroad.
However, the situation has shifted following the outbreak of conflict between Iran, the United States, and Israel. The war has disrupted the normal flow of international trade through the Strait of Hormuz—a route that previously facilitated a significant portion of Iraq’s foreign trade. Consequently, the disruption to oil exports has placed the country’s economy under severe strain.
