Iraq could restore oil exports to pre-war level within a week if Hormuz reopens, Basra Oil chief says 

Iraq could restore crude oil exports to around 3.4 million barrels per day within a week provided the Iran war ends and the Strait of Hormuz reopens, the head of the country’s state-run Basra Oil Company said. 

Why it matters

Among Gulf oil producers, Iraq has suffered the biggest drop in oil revenue as a result of the effective closure of the Strait, a Reuters analysis has found, because it lacks alternative shipment routes. But the country, the second biggest producer in the Organization of the Petroleum Exporting Countries, can quickly restore output to levels before U.S.-Israeli attacks on Iran at the end of February led to the effective closure of the waterway.