Iraq Can Restore Oil Exports In One Week After Strait Of Hormuz Reopens - Oil Ministry

DOHA, May 3 (Bernama-Sputnik/RIA Novosti) -- Iraq can restore oil production and exports to previous levels within a week after the Strait of Hormuz reopens, Iraqi Deputy Oil Minister Basim Mohammed said, reported Sputnik/RIA Novosti.

"Oil production and exports in Iraq can be restored to levels before the closure of the Strait of Hormuz within seven days after free shipping resumes," Mohammed said in an interview with the Asharq Al-awsat news portal on Saturday.

The official said that the current production in Iraq stands at 1.5 million barrels per day, with about 200,000 bpd exported via the Turkish Ceyhan port. Prior to the conflict in West Asia, it produced around 3.5 million barrels per day, he added.

Inspection of the Kirkuk-Fish-Kabur pipeline, a new branch of the Kirkuk-Ceyhan main pipeline, is underway, Mohammed said. Its commissioning is planned for the end of the month.

The escalation involving Iran has effectively disrupted traffic through the Strait of Hormuz, a critical route for the supply of oil and liquefied natural gas from the Persian Gulf to global markets, and has also affected production and exports. As a result, countries worldwide are experiencing rising prices for fuel and industrial goods.

-- BERNAMA-SPUTNIK/RIA NOVOSTI