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

At the UN General Assembly, Iraqi Prime Minister Ali al-Zaidi discussed the country's challenges due to the closure of the Strait of Hormuz, which has halted sea-based trade including oil exports that make up about 90% of Iraq's federal budget. Iraq has lost $60 billion in oil revenues since the conflict began. The government is considering austerity measures and efforts to boost oil production and diversify export routes, such as through the Iraq–Turkey Pipeline or establishing new routes with Jordan and Syria, but these do not offer quick solutions to the economic crisis.