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Iraq has lost between $40 billion and $45 billion in revenue as a result of the ongoing US-Israel war on Iran, according to Muzhar Saleh, financial adviser to the Iraqi prime minister.
Speaking to AFP, Saleh said the country’s losses stem largely from a dramatic 90 percent drop in oil exports, coupled with slowing economic growth. He warned that total losses could rise to $50 billion if the Strait of Hormuz remains closed.
Before the conflict began in February, Iraq produced around 4 million barrels of oil per day, exporting approximately 3.5 million barrels—most of it through the strategic Strait of Hormuz. However, Iran’s blockade of the vital shipping route has severely disrupted exports, forcing Iraq to scale down production.
With limited alternative routes, Iraq has only managed to export small volumes of oil to neighboring Türkiye and Syria.
Oil Minister Bassem Mohammed Khudair highlighted the scale of the downturn, noting that monthly oil revenues have plunged sharply. “We used to generate between $7 billion and $8 billion per month,” he said in a televised interview. “Now, revenues do not exceed $1.5 billion.”
The sharp decline underscores Iraq’s heavy reliance on oil exports and the vulnerability of its economy to regional instability.