Iraq's oil export revenues for March decreased by over 70% compared to February, according to Ali Nizar, director of the State Oil Marketing Organization (Somo), the Iraqi state company responsible for oil sales. In the month immediately following the outbreak of the conflict between the USA-Israel and Iran, the country "generated revenues equal to almost 28% compared to the previous month," he explained.
A founding member of the Opec oil cartel, Iraq relies heavily on its oil exports, and before the war, it exported most of its crude through the Strait of Hormuz, now almost entirely blocked by Iranian attacks and threats.
