Iraq's Oil Exports Halted as Strait of Hormuz Shutdown Impacts Economy
The ongoing conflict in Iran has severely impacted Iraq's oil exports, particularly through the Strait of Hormuz, a critical passage for global oil shipments. The war, initiated by U.S.-Israeli strikes, has led to a significant reduction in Iraq's oil production, with Basra's output dropping from 3.1 million barrels per day to approximately 900,000. The conflict has also disrupted imports, with ports operating at half capacity and foreign workers evacuating due to safety concerns. The Iraqi government, heavily reliant on oil revenues, faces financial strain as it may need to resort to borrowing if the situation persists. 
