Iraq leads Gulf oil exports growth despite Hormuz crisis

Baghdad (IraqiNews.com) – Iraq was one of the main drivers of the increase in crude oil exports from the Gulf region during the first half of July, according to shipping firms Kpler and Vortexa. This development comes at a time when oil export levels from the region were at their peak since the outbreak of the US-Iran war in late February, despite reduced tankers’ movements in the Strait of Hormuz due to increased military operations. Oil exports from Saudi Arabia, the UAE, Iraq, Kuwait, and Iran increased by roughly 16 percent compared to June, hitting approximately 12 million barrels per day, according to Kpler, while Vortexa estimated the figure at 13.06 million barrels per day. Iraq experienced the largest increase in oil shipments among the Gulf countries during that period, contributing significantly to the overall growth in crude exports alongside Saudi Arabia and Iran, according to Vortexa. Despite this improvement, Reuters noted that oil shipments from the Gulf region are still approximately 32 percent below their pre-war level of 17.6 million barrels per day in February. The number of oil tankers crossing the Strait of Hormuz plummeted to three on a single day, the lowest level since May, raising fears about growing tensions and potential threats to Red Sea commerce, which might affect global oil flows. The post Iraq leads Gulf oil exports growth despite Hormuz crisis appeared first on Iraqi News.