Iraq Oil Exports Collapse 97% in May Amid Strait of Hormuz Disruption

BASRA, Iraq — Iraq's crude oil exports by sea fell to roughly 96,000 barrels per day in May, a decline of more than 97 percent from the 3.32 million barrels per day recorded in the same month last year, according to figures reported in local media. The sharp drop resulted from disrupted maritime traffic through the Strait of Hormuz, the main route for Iraq's seaborne oil shipments, caused by the war with Iran. Revenue from oil exports fell to $1.87 billion in April, representing a decrease of roughly $5 billion compared with pre-war levels, the report said. The data highlights Iraq's heavy dependence on petroleum income, raising concerns about budget pressures from the sharp contraction in cash flow. Export figures for the first five months of the year showed a progressive decline: 3.31 million barrels per day in January, 3.36 million in February, 549,000 in March, 132,000 in April, and 96,000 in May.