Iraqi Prime Minister Ali Al-Zaidi on Monday ordered oil companies to operate around the clock to sustain production and boost exports as the closure of the Strait of Hormuz continues to restrict crude shipments, demanding tangible results within one week.
At an Oil Ministry meeting, Al-Zaidi called for faster pipeline upgrades, alternative routes, and contracts with international companies to market Iraqi oil, according to his office. He also pressed officials to use the crisis to accelerate infrastructure projects and reduce dependence on Hormuz.
Every barrel of oil left unsold meant a delay in salaries or public services and a loss to the state treasury, Al-Zaidi stated, insisting that officials deliver solutions rather than explanations.
Iraq, OPEC’s second-largest oil producer, derives about 90% of federal revenue from crude exports, leaving its finances highly exposed to disruptions in the Strait, which normally carries roughly one-fifth of global oil supplies.
Oil Minister Basim Al-Abadi put Iraq’s crude exports at about 49 million barrels in July, with daily shipments averaging about two million bpd since the beginning of August, the highest level since the regional crisis began.
