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Iraq says lost USD60bn as Mideast war hits oil exports
BAGHDAD: Iraq has lost around USD60 billion during the Middle East war, Foreign Minister Fuad Hussein said on Thursday, with Iran blockading a waterway that is crucial to global energy flows. OPEC member Iraq was producing about four million barrels of oil per day before the conflict, exporting about 3.5 million bpd — mostly shipped from the country’s south via the Strait of Hormuz. But Iran’s stranglehold on the waterway forced Iraq, lacking storage capacity, to halt most production and fall back on limited exports via Syria and Turkey, by truck and pipeline respectively. “Iraq has suffered l...
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