Iraq looks for oil export alternatives to the troubled Strait of Hormuz

In his speech at the United Nations General Assembly (UNGA) on Friday, Iraq’s Prime Minister Ali al-Zaidi spoke about the challenges his country has faced amid the ongoing war between the United States and Iran. The closure of the Strait of Hormuz has cut off Iraq’s sea-based trade, including oil exports – a lifeline for the country. Iraq has been unable to export about 90 percent of its oil via the Gulf and has lost $60bn in oil revenues since the war began. “We are watching with concern the fallout over shipping and maritime freedom in the Strait of Hormuz, which has triggered a crisis of rising global oil price,” al-Zaidi told the assembly.