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Market Chatter: Iraqi PM Says Iran War Has Slashed Oil Export Revenues 60%

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The Middle East conflict has cost Iraq about 60% of its monthly oil export revenues due to the effective closure of the Strait of Hormuz, Prime Minister Ali al-Zaidi told New York Times in an interview published Monday.

Since the start of the Iran war on Feb. 28, the world's third-largest oil supplier has lost out on revenues of about $60 billion, the report said.

While Iraq considers Iran a regional partner, Iran has not allowed Iraqi tankers to pass through the Strait of Hormuz, al-Zaidi said. Iran's decision was firm despite extensive discussions between the two countries, he said, adding that Tehran's aim was to push up global oil prices irrespective of its relationship with Iraq.

Since assuming office, al-Zaidi said he has been proposing pipelines that would avoid the Persian Gulf, including one to Europe. Iraq intends to expand economic ties with other countries, he said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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