Iraq's average daily oil exports have reached 2 million barrels per day since August 1, the highest rate since the Middle East war began. This comes as one of UAE's ADNOC vessels was attacked in the Strait of Hormuz.
Iraq's increased oil exports, coupled with disruptions in the Strait of Hormuz, highlight the ongoing volatility in global energy markets due to the Middle East conflict, potentially impacting oil prices and supply chains.
Iraq's average daily oil exports have reached 2 million barrels per day since August 1, the highest rate since the Middle East war between Iran and the United States began. This development coincides with an attack on one of UAE's ADNOC vessels in the Strait of Hormuz, a critical chokepoint for global oil transit. The UAE had previously accused Iran of being behind earlier attacks on ADNOC vessels. The conflict has led to repeated disruptions in the Strait of Hormuz, raising freight rates and security concerns.
Iraqi Oil Minister Bassem Mohammed Khudair stated that the daily export rate of two million barrels translates to approximately 26 million barrels since the start of August, marking the first time this daily rate has been achieved since the crisis began.