Iraq is attempting to expedite agreements with American companies to secure new oil export routes and increase its production levels in global markets.

Oil Export Statistics for July

Basim Mohammed Khudair, the Iraqi Minister of Oil, announced that Iraq’s average crude oil exports in July have so far reached 1.5 million barrels per day. The Minister noted that this volume was exported through the Strait of Hormuz and the Ceyhan pipeline before regional security tensions could impact export levels.

Iraq has reached an agreement with the American company Chevron to construct new oil transit pipelines connecting the south of the country to the Syrian coast. This project involves connecting the oil fields of Basra to Kirkuk, and from there to Turkey's port of Ceyhan. Additionally, another project will run from Haditha to the Syrian port of Baniyas on the Mediterranean Sea, providing Iraq with more export gateways.

The Ministry of Oil aims to conclude talks with the U.S. companies within one year so that operations can begin as soon as possible. The government is insistent on shortening legal and administrative timeframes, as Iraq urgently needs to secure alternative routes to the Strait of Hormuz and the Ceyhan port to guarantee its economic security and export capacity.

Iraq's Position inside OPEC

Regarding remaining within OPEC, Khudair explained that this economic umbrella provides stability and a fair price for the sale of Iraqi oil. Nevertheless, Iraq will continue its talks to increase its crude oil production quota in order to boost its revenue levels in the energy market.

These efforts by the Ministry of Oil fall within the outcomes of the Iraqi delegation's visit to Washington, during which memoranda of understanding worth approximately $60 billion were signed with major US corporations. The goal of this massive investment is to increase production levels and upgrade Iraq's energy infrastructure using advanced American technology.