Iraq's crude exports reached two million barrels per day in August, the highest rate since the Strait of Hormuz blockade began, offering relief after shipments collapsed by as much as 97% earlier this year.
The recovery follows severe fiscal strain. With oil generating over 90% of state revenue, monthly income fell to between $2 billion and $2.3 billion in May and June, forcing the central bank to inject roughly $32.8 billion into domestic markets to cover public-sector wages. The government says it holds $83 billion in reserves, enough to sustain salaries for up to 11 months.
Prime Minister Ali al-Zaidi has sought Iranian permission for Iraqi tankers to transit the strait, while extending oil agreements with Turkey and planning a new Basra-to-Fishkhabor pipeline via a Chevron-led consortium to reduce reliance on the contested waterway.