#IraqOilExportsFall75% Learn more#IraqOilExportsFall75%10 sitesIraq’s Oil Minister Basim Mohammed Khudair officially confirmed that the country's oil exports have collapsed by 75% due to the ongoing closure of the Strait of Hormuz. The shipping bottleneck has forced Iraq—OPEC's second-largest producer—to cap its export capacity at just 1.5 million to 1.75 million barrels per day (bpd), down drastically from its pre-conflict average of roughly 3.4 million bpd.Core Drivers Behind the CollapseThe Hormuz Chokepoint Blockade: Following a regional war that escalated in February, an Iranian blockade of the Strait of Hormuz has essentially paralyzed Iraq's primary southern maritime shipping route through the Persian Gulf.Storage Limitations: Oilfields in the south have been forced onto standby because storage facilities at southern ports reached critical capacity, unable to load crude onto trapped tankers.Failed Diplomatic Breakthroughs: Iraq’s Oil Ministry confirmed it is in active talks with Iran for a specialized bilateral arrangement to allow safe passage for Iraqi crude. However, the minister admitted that the mechanism has not yet been activated.$AAPL.US $BB