Baghdad, Iraq – The Prime Minister of the Kurdistan Region of Iraq, Masrour Barzani, confirmed that the closure of the Strait of Hormuz has disrupted Iraqi oil exports. He warned of the repercussions of continued disruption to maritime traffic in one of the most important sea lanes for global energy trade.
Barzani stated that Iraq has been directly affected by the restrictions imposed by the strait’s closure. This is because a significant portion of its oil exports depend on routes and ports connected to shipping through the Gulf.
He explained that the halt or decline in oil exports places additional pressure on the Iraqi economy. This comes at a time when crude oil revenues are a primary source of funding for the general budget and covering government spending.
He pointed out that the repercussions of the shipping crisis are not limited to the oil sector. Instead, they extend to trade, supply chains, and energy prices. This increases the economic risks facing the countries of the region.
Barzani’s statements come amid continued concerns about the security of navigation in the Strait of Hormuz. The strait is a key waterway for transporting oil and gas from the Gulf region to global markets. Meanwhile, there are regional and international efforts to prevent the crisis from escalating.
