Iraq’s oil exports drop by around 3 million bpd since Hormuz crisis

Baghdad (IraqiNews.com) – Trading sources have told Reuters that Iraqi oil supplies have declined by 2.5 million to three million barrels per day as a result of the prolonged closure of the Strait of Hormuz.

Iraq, together with Kuwait and the UAE, has used other export channels to shift some of its oil supplies and avoid a full halt in exports. Despite these efforts, export quantities remain much lower than usual levels.

The interruption comes amid ongoing concern in the worldwide energy market following the start of the conflict involving the United States, Israel, and Iran.

Early projections indicated that the crisis may eliminate between 12 million and 15 million barrels per day of non-Iranian Gulf crude shipments from global markets, prompting concerns of one of the most severe oil supply shortages in recent years.

Iraq’s crude oil exports fell by 3.22 million barrels per day in May 2026, a loss of more than 97 percent, owing to continuous disruptions in marine traffic in the Strait of Hormuz.

Iraq’s seaborne crude oil shipments declined to an average of 96,000 barrels per day, or three million barrels in May 2026, down from 3.32 million barrels per day, or 103 million barrels in the same month in 2025.

Iraq’s seaborne crude oil export numbers for the first five months of 2026 reveal a drastic change in daily flows, falling to historic levels.

The country’s oil exports reached 3.31 million barrels per day during January, 3.36 million barrels per day in February, 549,000 barrels per day in March, and 132,000 barrels per day in April.

This export interruption is associated with a production slowdown; according to the most recent OPEC figures, Iraqi oil output dropped to 1.67 million barrels per day in April, down from 4.18 million barrels per day in February.