Iraq can restore oil production within a week after Hormuz is opened

Doha (ANTARA) - Iraq’s Deputy Oil Minister Basim Mohammed has assured that his country is capable of restoring oil production and exports to previous levels within a week after the Strait of Hormuz is reopened. “Iraq’s oil production and exports can be restored to pre-Strait of Hormuz closure levels within seven days after shipping resumes freely,” Mohammed stated in an interview with Asharq Al-Awsat media on Saturday (2/5). The official said that Iraq’s current oil production is at 1.5 million barrels per day (bpd), with around 200,000 bpd exported via the city of Ceyhan in Turkey. Before the conflict in the Strait of Hormuz erupted, Iraq’s oil production reached 3.5 million bpd, Mohammed added. The escalation of the Iran-related conflict has resulted in a blockade of the Strait of Hormuz, which is a vital supply route for oil and LNG commodities from the Persian Gulf to global markets. That blockade has impacted the production and export performance of oil from Middle Eastern countries. Many countries are now experiencing rises in oil and industrial commodity prices.