Iraq · Business
IraqIraq's total revenues reached approximately $30 billion by the end of July 2026, with oil exports accounting for about 78% of the country's state resources. The oil revenues totaled over $23.24 billion, while non-oil revenues amounted to nearly $6.7 billion. The financial figures indicate a significant reliance on oil, exposing the country to vulnerabilities in the global oil sector.
IraqIraq's Ministry of Oil has announced plans to purchase new oil tankers to support export operations and increase revenue. The move comes amid the Hormuz crisis and shipping disruptions in the Gulf. Experts question the economic feasibility of the project, its cost, and its effectiveness in protecting Iraq's exports during crises.
IraqIraq has arranged for a Very Large Crude Carrier to transport 2 million barrels of oil beyond the Strait of Hormuz, marking a shift in its export strategy. This move aims to attract refiners, narrow southern terminal discounts, and potentially buy tankers. The change comes as Middle East producers seek to restore oil flows through the strait after disruptions caused by the Iran war.
