Iraq has lost about 350 million barrels of oil exports since the closure of the Strait of Hormuz, equivalent to about $37.7 billion, the Observatory said on Saturday, calling for accelerating the implementation of the "New Sham" project as a strategic option to secure alternative export outlets and reduce dependence on sea ports.
And the Observatory said in a press statement that before the closure of the Strait of Hormuz on February 28, Iraq was exporting between 103 to 107 million barrels per month of crude oil.
He explained that the closure of the strait due to the war in the region led to a decline in exports, as losses in March amounted to 84,395,049 barrels, in April 93,115,870 barrels, in May 92,801,000 barrels, while the current month of June recorded about 79,600,000 barrels.
And according to "Eco Iraq", the gap in Iraqi exports during the mentioned period is estimated at 350 million barrels, which represents lost export opportunities estimated at about $ 37.7 billion according to the average oil prices during the period.
He concluded his statement by noting that the "New Sham" project represents an urgent strategic necessity to ensure the stability of Iraqi oil exports and secure vital alternatives away from the geopolitical risks that threaten sea lanes, especially since the Iraqi economy depends on oil revenues by nearly 90%.
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