Iraq looks for oil export alternatives to the troubled Strait of Hormuz

In his speech at the United Nations General Assembly (UNGA) on Friday, Iraq’s Prime Minister Ali al-Zaidi spoke about the challenges his country has faced amid the ongoing war between the United States and Iran.The closure of the Strait of Hormuz has cut off Iraq’s sea-based trade, including oil exports – a lifeline for the country.Recommended Stories list of 4 itemslist 1 of 4Detained Tunisian flotilla activists: Worsening health amid family anguishlist 2 of 4‘My hands are empty’: Displaced Palestinians struggle to survivelist 3 of 4‘No role for UNRWA in Gaza’: Does the Board of Peace toe Israeli lines?list 4 of 4Mapping Israel’s 300 checkpoints: Where they are and how they workend of listIraq has been unable to export about 90 percent of its oil via the Gulf and has lost $60bn in oil revenues since the war began.“We are watching with concern the fallout over shipping and maritime freedom in the Strait of Hormuz, which has triggered a crisis of rising global oil price,” al-Zaidi told the assembly.It is evident that the financial crisis caused by lost oil receipts has presented the Iraqi government with a mountain of challenges.Oil revenues make up about 90 percent of Iraq’s federa...