Iraq says lost USD60bn as Mideast war hits oil exports

Business Recorder reported that Iraq's Foreign Minister Fuad Hussein put the country's losses from the Middle East war at roughly USD60 billion. He made the remark on Thursday in Rome, speaking to his Italian counterpart and citing a statement from the foreign ministry. The estimate comes as Iran continues to block the Strait of Hormuz, a waterway vital to global energy supply.

Before the conflict, Iraq produced about four million barrels a day and exported roughly 3.5 million bpd, mostly through Hormuz. With little storage, it was forced to halt most output and rely on limited trucked exports to Syria and pipeline flows to Turkey. Oil sales bring in about 90 percent of national revenues, and shipments recovered to 2.6 million bpd between September 1 and 21, according to the oil ministry.

Iraq's foreign currency reserves have fallen by USD20 billion while consumer prices have climbed steeply, pushing the economy into crisis. Last week the Central Bank of Iraq devalued the dinar against the dollar, its first such move in over three years. Authorities aim to lift non-oil revenues from 10 percent to 45 percent by 2037.