Iraq incurs losses of about $60 billion due to the war between the United States and Iran
Amman1 min read
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Iraqi Foreign Minister Fuad Hussein said, during his meeting with his Italian counterpart in Rome, that his country has lost about $60 billion since the outbreak of the Middle East war and the sharp decline in its oil revenues due to the disruption of navigation through the Strait of Hormuz.
Iraq has been suffering from an economic crisis since the war broke out in February, as its oil exports, which provide 90% of its revenues, declined sharply for several months, forcing the government to borrow internally. Consumer prices rose, and foreign currency reserves fell by about $20 billion.
Before the war, Iraq, a member of OPEC, produced about 4 million barrels of oil per day, exporting about 3.5 million of them, mostly from southern Iraq through the Strait of Hormuz.
However, since the start of the war, Iran has restricted navigation in the vital corridor for global energy supplies, forcing Iraq to stop production in most of its fields after tanks became full, and to resort to exporting limited quantities via Syria through tanker trucks, and Turkey via a pipeline.
