NewzOn Saturday, August 8, 2026, Iraqi Oil Minister Hayan Abdul-Ghani announced that Iraq's crude oil exports have dropped by 75 percent. The severe decline is attributed to the ongoing closure of the Strait of Hormuz and related regional military escalations.
The disruption in maritime traffic through the vital trade route has severely impacted the nation's petroleum shipments. Consequently, the drastic reduction in oil exports has triggered a liquidity squeeze throughout the country due to the sudden loss of petroleum revenues.
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