Iraq’s crude oil exports drop by over 97% in May

Baghdad (IraqiNews.com) – Iraq’s crude oil exports fell by 3.22 million barrels per day in May 2026, a loss of more than 97 percent, owing to continuous disruptions in marine traffic in the Strait of Hormuz caused by the war against Iran. Iraq’s seaborne crude oil shipments declined to an average of 96,000 barrels per day, or three million barrels in May 2026, down from 3.32 million barrels per day, or 103 million barrels in the same month in 2025. The country’s oil exports during May were three million barrels, much lower than the pre-war average of more than 3.3 million barrels per day. The revenues generated from oil exports plummeted to $1.87 billion in April, a drop of roughly $5 billion from pre-war levels. Given Baghdad’s near-total reliance on oil revenues to cover public spending, this dramatic cash outflow threatens to exacerbate the country’s structural fiscal imbalance. Iraq’s seaborne crude oil export numbers for the first five months of 2026 reveal a drastic change in daily flows, falling to historic levels. The country’s oil exports reached 3.31 million barrels per day during January, 3.36 million barrels per day in February, 549,000 barrels per day in March, and 132,000 barrels per day in April. This export interruption is associated with a production slowdown; according to the most recent OPEC figures, Iraqi oil output dropped to 1.67 million barrels per day in April, down from 4.18 million barrels per day in February. The post Iraq’s crude oil exports drop by over 97% in May appeared first on Iraqi News.