Iraq Says the Regional War Has Cost It More Than $40 Billion in Lost Revenue

Muzhar Saleh, financial adviser to Iraq's prime minister, said the regional war had cost Baghdad between $40 billion and $45 billion in lost revenue up to the end of June 2026, the result of a nearly 90% drop in the country's oil exports.

Before the war Iraq produced about 4 million barrels of oil a day and exported an average of 3.5 million barrels, most of it via the Strait of Hormuz. With that route disrupted, the country halted output at most of its fields and limited exports to alternative routes through Türkiye and Syria. Oil provides about 90% of the Iraqi government's revenue. Saleh said the loss could reach $50 billion if the war and the dispute over the Strait of Hormuz continue.