""Brotherly Iraq is exempt from any restrictions we have imposed on the Strait of Hormuz," Iran's military spokesman stated, indicating a significant potential for Iraqi oil exports."
"The declaration has the potential to unleash as much as 3 million barrels a day of Iraqi oil cargoes, contingent on shipping companies' willingness to risk entering the strait."
"Even as fighting continues, vessel traffic through the vital strait has ticked up slightly, with a handful of Asian nations negotiating safe passage."
"Iraqi oil exports plunged by roughly 97% to a daily average of 99,000 barrels in March, highlighting the impact of the closed primary export route."
Iran's military announced that Iraq is exempt from shipping restrictions in the Strait of Hormuz, which could enable the export of up to 3 million barrels of oil daily. However, an Iraqi official noted that the effectiveness of this exemption depends on shipping companies' willingness to navigate the strait. The situation remains uncertain regarding the scope of the exemption and its enforcement. Despite ongoing conflicts, vessel traffic through the strait has slightly increased, although it remains significantly lower than pre-war levels.
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