Iraq Could Resume Prewar Oil Exports in a Week if Strait Reopens

BASRA, Iraq — Iraq could resume crude oil exports at prewar levels of around 3.4 million barrels per day within a week if the ongoing war with Iran ends and the Strait of Hormuz reopens, according to Bassem Abdul Karim, head of the state-run Basra Oil Company.

The Strait, a critical chokepoint for about one-fifth of the world's oil and liquefied natural gas shipments, has been effectively closed since late February following U.S. and Israeli attacks on Iran. Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries, has experienced the sharpest revenue losses among Gulf nations because it relies almost entirely on the waterway for exports and lacks alternative routes like those available to Saudi Arabia.

Abdul Karim, speaking in an interview, noted that Iran has offered only verbal assurances allowing Iraqi tankers to pass through the strait, with no formal documentation provided. "We have not received any formal documents regarding permission for Iraqi tankers to pass," he said. Current production from southern fields stands at about 900,000 barrels per day, an increase from 800,000 barrels last month when exports halted and storage tanks...