Iraq’s crude oil exports surge to around 2.7 million barrels per day, planning to boost exports through southern and northern routes and pipelines

(1) According to the Iraqi News Agency, Iraqi Ministry of Oil spokesperson Rikabi stated that despite the shipping difficulties caused by the Strait of Hormuz crisis, Iraq's crude oil exports have significantly rebounded and currently reach about 2.7 million barrels per day, compared to only about 200,000 barrels per day in May last year. (2) Rikabi mentioned that most exports are transported via the southern route, while the northern route accounts for around 300,000 barrels per day; considering the current situation, this level of exports is already high. The Iraqi Ministry of Oil plans to further increase export volume through both southern and northern routes. (3) Rikabi noted that the Iraq-Turkey pipeline's target export capacity is approximately 700,000 barrels per day, and the ministry is working to achieve this level. The pipeline is designed for a capacity of 1.5 million barrels per day, and the bilateral agreement stipulates a minimum capacity of 750,000 barrels per day. (4) The current export volume through this pipeline is about 300,000 barrels per day, but the government plans to raise it to 750,000 barrels per day in order to increase exports and expand the market for Iraqi crude oil.