Iraq lost about 303 million barrels of oil output in the first half of 2026; July exports averaged about 1.5 million bpd

Iraq lost an estimated 302.8 million barrels of oil production in the first half of 2026, a decline attributed to disruption of extraction and exports through the Strait of Hormuz during the US-Iran war.

According to the data, Iraq's daily output stood above 4.1 million barrels in the first two months of the year, then fell to 1.906 million barrels a day in March, 1.633 million in April and a low of 1.406 million in May, before edging up to 1.525 million barrels a day in June.

In July, before the latest escalation in the conflict, Iraq's combined shipments through the Strait of Hormuz and the Ceyhan pipeline averaged about 1.5 million barrels a day. Roughly 97.5 percent of Iraq's crude exports are loaded at Basrah Port, and 94 percent pass through the Al Basrah Oil Terminal, whose effective export capacity exceeds 3.3 million barrels a day.