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Fitch: $ 5.6 billion Iraq's monthly losses in the event of closure of the Strait of Hormuz
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Economy News Baghdad
Fitch Ratings, in a report published on the losses that will be in Iraq, if the Strait of Hormuz close to its oil exports.
The closure of the strait for a month could result in Iraq losing about $ 5 billion to $ 600 million in oil revenues, nearly three percent of its GDP, the agency said in its report.
The report added that the repercussions of the outbreak of hostilities leading to the closure of the Strait of Hormuz on Iraq will be significant, as it lacks other routes of export of oil in the south.
The oil expert Hamzah al-Jawahiri ruled out the closure of the Strait of Hormuz during the current period by Iran as it would be the biggest victim, as he put it.
"The closure of the Strait of Hormuz means that Iran will stop 400,000 barrels of its exports through it and will lose a lot, especially as most of its oil passing through this strait goes to countries that have rejected sanctions against Iran, such as China, India and Russia," he said.
He pointed out that China can buy all Iranian oil exports, and Iran will use this strait to export its oil and not in its interest to close it, but it is just a threat to some countries.
He added that if Iran insists on closing the Strait of Hormuz, it will cause great problems for the Iraqi economy as it is supported by 92% of the oil revenues, which will be reflected negatively on it.
Oil prices are expected to double as the Strait closes. Iraq can export 650,000 barrels through the Turkish pipeline, but it will still earn one-third of its revenues because it is mainly dependent on the southern oil pipeline.
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