Iraq loses $60 billion to Iran war as Hormuz squeeze hits oil exports

…said Iraq had lost about $60 billion in oil revenues because of the war, after the country was temporarily unable to export around 90 percent of its oil through its usual Gulf routes. He also described Iraq as facing “ extraordinary economic challenges .” The impact is particularly severe because oil revenues account for more than 90 percent of Iraq's federal budget, meaning disruption to crude exports quickly translates into pressure on government finances. Iraq oil…

…account for more than 90 percent of Iraq's federal budget, meaning disruption to crude exports quickly translates into pressure on government finances. Iraq oil minister Basim Mohammed Khudhair told parliament that Iraq's oil exports had fallen to no more than 200,000 barrels per day during the crisis. He said export capacity had subsequently recovered, with Iraq able to move up to 4.254 million barrels per day on September 20, although actual shipments remained dependent on tanker traffic through the Strait of…