Iraq says it lost US$60bil as Mideast war hits oil exports

Iraq has suffered approximately $60 billion in financial losses as the ongoing Middle East conflict severely disrupts its oil exports, according to Foreign Minister Fuad Hussein. The losses stem from blockades implemented by Iran on a crucial waterway, which have significantly impacted Iraq's capacity to produce and ship petroleum.

Prior to the outbreak of the war, Iraq maintained robust production levels, generating about four million barrels of oil per day and exporting roughly 3.5 million barrels daily. The current restrictions on maritime access have directly undermined these operations, causing major economic damage to the country's export-reliant infrastructure.