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Iraq is working on new routes to diversify its oil exports and reduce its dependence on the Strait of Hormuz. In this context, Turkey could become an increasingly important outlet for Iraqi crude.
Iraq’s Oil Minister Basim Mohammed Khudair said over the weekend that the country’s crude oil export capacity had risen to more than 3 million barrels per day. Exports have stood at about 3 million barrels per day since Sept. 1, he said.
Baghdad aims to raise export capacity to 5 million barrels per day in the long term. Achieving this goal will largely depend on the completion of two strategic pipeline projects that would provide Iraq with additional access to the Mediterranean.
One proposed route could connect oil fields in southern Iraq with Haditha and Fishkhabur in the north, near the Turkish border. Iraqi oil could then be linked to the existing Kirkuk-Ceyhan pipeline and transported to Turkey’s Ceyhan export terminal on the Mediterranean coast.
The second project is planned to run west from Haditha to Syria’s Baniyas port. If implemented, the route could revive a historic energy corridor between Iraq and Syria.
If the projects are completed, Iraq would become less dependent on the Strait of Hormuz, through which a significant share of global oil and liquefied natural gas supplies is transported from the Persian Gulf.
Amid the conflict involving the United States, Israel and Iran, major disruptions to shipping through the strait have increased freight and insurance costs and heightened concerns about global energy security.
Higher exports of Iraqi oil through Ceyhan could support Turkey’s ambitions to become a regional energy hub linking producers in the Middle East and Caspian region with European and international markets.
However, the new pipeline projects remain at an early stage. Their implementation will require major investments, security guarantees and closer cooperation among Baghdad, Ankara and the Kurdish regional authorities in northern Iraq.
Iraq is reported to have proven oil reserves of about 145 billion barrels. The country relies heavily on oil revenues to finance government spending.
Iraq’s oil production fell from about 3.3 million barrels per day to 1.3 million barrels per day during the US-Israeli war with Iran that began in February. Production began to recover in July and August.
Iraq’s oil exports also rose sharply in August, increasing to 2.34 million barrels from about 1.35 million barrels in July. The figures were released citing Iraqi energy officials.
