Story perspectives

Iraq oil exports plunge, target 5M-bpd, start IMF talks

5/17/2026

Summary

Iraq Export Drop

Iraq's oil exports fell to 10 million barrels in April via Strait of Hormuz, down from 93 million.
Iraq produces 1.4 million barrels daily and aims to raise capacity to 5 million barrels daily through OPEC talks.
Kirkuk–Ceyhan pipeline exports resumed in March at 200,000 barrels, targeting 500,000 barrels.
Baghdad is negotiating contracts with Chevron, ExxonMobil and Halliburton and has launched IMF/World Bank loan talks, citing an expired IMF standby that left $2.39 billion unpaid.

Summary

Iraq Cuts Exports

The press conference warned that the Strait of Hormuz closure has sparked a record surge in global oil prices.
Analysts said the April export drop to 10 million barrels, far below the pre-war average of about 93 million barrels monthly, fuels price volatility.
Iraq’s minister highlighted reliance on the Kirkuk-Ceyhan pipeline and pledged a 5 million-bpd capacity to support the Organization of the Petroleum Exporting Countries (OPEC) stabilization plan amid the maritime blockade.

Summary

Khudair Promises Surge

Basim Mohammed Khudair was approved by the Iraqi parliament on Thursday and started as oil minister on Saturday, 2026-05-16.
He said Iraq could raise output to three million barrels per day within one week if the Strait of Hormuz reopened.
He said the government is working to turn every Iraqi province into an oil-producing region.
He asserted Iraq possesses all necessary elements to achieve leadership in the global energy sector.

History

Historical Context

During the 1973 Arab oil embargo, OAPEC members led by Saudi Arabia cut output, sending world oil prices up about 400%—from roughly $3 to $12 per barrel—triggering a U.S. recession in 1974. The embargo showed how coordinated cuts can weaponize supply, a precedent Iraq’s minister Basim Mohammed Khudair cites as he threatens to raise exports to three million barrels daily if the Strait of Hormuz reopens.

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Iraq Export Drop

Iraq's oil exports fell to 10 million barrels in April via Strait of Hormuz, down from 93 million.
Iraq produces 1.4 million barrels daily and aims to raise capacity to 5 million barrels daily through OPEC talks.
Kirkuk–Ceyhan pipeline exports resumed in March at 200,000 barrels, targeting 500,000 barrels.
Baghdad is negotiating contracts with Chevron, ExxonMobil and Halliburton and has launched IMF/World Bank loan talks, citing an expired IMF standby that left $2.39 billion unpaid.

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