Iraq reviews oil export plans with Iran

The Iraqi Oil Minister, Bassem Mohammed, confirmed that Iraq is in discussions with Iran regarding arrangements to allow oil exports through its territory, although the mechanism has not yet been activated. Iraq produces approximately 2.7 million barrels per day and exports about half of that, with expectations that export levels for this month will range between 1.5 and 1.75 million barrels per day. Before the war, Iraq was exporting around 3.4 million barrels per day via the Strait of Hormuz, but its exports decreased after the war, highlighting the need to diversify export routes. Additionally, Iraq is working to resolve the flaring gas issue and to develop its gas fields, including awarding 14 contracts to international companies. Negotiations are also ongoing to amend the oil sharing agreements between the federal government and the Kurdistan Regional Government.

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