Bassem Abdul Karim, Director General of the state-run Basra Oil Company (BOC), stated that oil export operations are “currently heading toward normalization,” with daily crude production recovering to 1.6 million barrels.

The Director General told Channel8 that between June 6 and June 10, several Basra oil tankers were successfully dispatched through the Strait of Hormuz to global markets. 

Furthermore, four additional oil tankers are currently en route and will soon arrive at Basra ports to begin loading operations.

“Daily production has risen from 1.1 million barrels to 1.6 million barrels,” he confirmed. 

Karim stressed that this upward trajectory will continue until pre-war export capacity reaches 3.4 million barrels per day.

Iraq Intensifies Efforts to Restore Oil Production Level 

Due to the recent regional conflict, Iraq's oil production plummeted to around a million barrels per day following severe shipping disruptions through the Strait of Hormuz. 

To compensate for this drop, Iraq is actively diversifying its oil export routes, reaching a new transit agreement with the KRG and launching infrastructure projects to bypass maritime bottlenecks, while simultaneously negotiating for a higher long-term OPEC production quota.

The Ministry of Oil stated last Thursday that the country is working within established technical mechanisms to gradually phase out voluntary cuts and restore its production baseline over the coming months. 

PM Demands Fairer OPEC Quota 

Prime Minister Ali al-Zaidi emphasized that Iraq’s current OPEC production quota fails to account for the nation's historical hardships, its population size, and its sacrifices in the global fight against ISIS, noting that Baghdad seeks a fair allocation mechanism that protects the rights of the Iraqi people.

Iraq Approves Major Halliburton, HKN Oil Deals 

Meanwhile, During the last cabinet session, the government approved a five-year contract with Halliburton for integrated field management and engineering services under the Basra Oil Company, while simultaneously greenlighting HKN Energy to commence development operations at the Himreen Oil Field.