Iraq Strikes U.S. Deal to Boost Oil Exports Through Hormuz

Iraq’s crude oil exports are set to increase following a deal that the government in Baghdad struck at the end of last week with the United States. The deal will see Iraqi oil transported via the corridor along the coast of Oman, Reuters has reported. The information comes from Iraq’s Foreign Minister, who spoke with Al Jazeera, also saying the country has so far lost some $60 billion from the war-related disruption to exports of crude oil.

Iraq is OPEC’s second-largest oil exporter after Saudi Arabia but, unlike Saudi Arabia, it is almost entirely dependent on the Strait of Hormuz for getting its crude to global markets. S. and Israel launched their first strikes on Iran at the end of February.