Hamas Conflict Challenges Iraqi Oil Exports

Iraq faces significant challenges in exporting its oil due to the closure of the Strait of Hormuz, which accounts for 95% of its oil exports. This poses a threat to its economy and results in the budget losing billions of dollars each month. In response to this crisis, Iraq is working on expanding cross-border oil pipeline networks, such as the Basra-Aqaba pipeline project that connects southern Iraq to the Red Sea port of Aqaba, and developing the Kirkuk-Baniyas pipeline to export oil to the Mediterranean Sea. These projects aim to diversify export routes and reduce reliance on the Strait of Hormuz, with American support. They are part of a broader strategy to ensure energy security and attract substantial investments estimated at $60 billion, covering the oil and infrastructure sectors. Baghdad seeks to establish long-term infrastructure to shield its economy from geopolitical threats.

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