July 2026 Iraqi oil exports exceed 1.4M bpd

Shafaq News- Basrah

Iraq's crude oil exports nearly tripled in July to about 1.4 million barrels per day (bpd), marking a partial recovery after months of disruption to maritime traffic through the Strait of Hormuz, data platform Commodities at Sea reported.

Exports of Basrah Medium and Basrah Heavy crude rose from roughly 500,000 bpd in June and just 100,000 bpd in May. Before the March disruption, shipments of Basrah crude had exceeded 3.3 million bpd. Volumes began falling sharply earlier this year, as reduced tanker traffic through the strategic waterway restricted the movement of Iraqi crude from the country's southern export terminals.

The July rebound came with increased shipments by very large crude carriers and the partial resumption of Iraq's maritime export activity. Despite the sharp monthly increase, volumes remained well below the levels recorded before the disruption.

The recovery in shipments also coincided with a sharp rise in the prices of Iraq's two Basrah grades on Thursday. Basrah Heavy settled at $77.43 a barrel, up $12.39, or 19.05%, while Basrah Medium rose to $80.73 a barrel, also gaining $12.39, or 18.13%.

Hormuz, through which roughly 20% of the world's oil passes, has remained largely closed under Iranian restrictions since Feb. 28, following the joint US-Israel war on Iran. The corridor briefly reopened after a US-Iran memorandum of understanding (MoU) took effect on June 18, but closed again amid renewed military escalation, with Tehran maintaining that the waterway remains under Iranian control. US President Donald Trump, however, claims the gateway is “open and operating.”

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed