Iraq’s Oil Collapse Sparks Race for New Export Routes

AI Summary

Iraq's crude oil production collapsed sharply in April 2024 to 1.389 million barrels per day, a significant drop from over 4 million bpd before the US/Israel-Iran war started in February. This crisis is triggering a race for new oil export routes amid the ongoing conflict and geopolitical tensions affecting energy supplies.

April was indeed the cruellest month for decades for Iraq’s crude oil production, with an average of 1.389 million barrels per day (bpd) over the period. This compares to a monthly average of 3.47 million bpd from January 2002 to the end of March this year, and an average of over 4.1 million bpd in the three months leading up to the onset of the U.S./Israel-Iran War on 28 February. The last time oil production fell to the current level in the country was in the early 2000s, during and immediately following the 2003 U.S.-led invasion. Even…