Iraq's oil exports hit by Strait of Hormuz shutdown
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- relies on oil
- 90% of Iraq's budget
The ongoing conflict in Iran has severely impacted Iraq's oil exports, with operations in Basra nearly halted. 90% of Iraq's budget relies on oil revenues, primarily exported through the Strait of Hormuz, now effectively closed to traffic. This disruption is expected to strain Iraq's economy further, affecting regional oil supply dynamics.
Not investment advice. For informational purposes only.