Iraqi Oil Minister Bassam Mohammed Khudair said that July exports via the Strait of Hormuz and the Ceyhan pipeline reached 1.5 million barrels per day, before the renewed military escalation in recent days, a level significantly lower than the rates recorded by the country before the war, but about three times higher than Bloomberg's estimate of what was exported during June.

In statements to Asharq Bloomberg, Khudair explained that Iraq's presence under the OPEC umbrella provides it with "safe economic cover" to sell oil at globally acceptable prices, adding that Baghdad supports the organization's policies but will continue dialogue on increasing its quota in line with the government's ambition to boost production.

He pointed out that Iraq aims to complete negotiations on the oil pipeline to Syria within a year, noting that export lines through Turkey and Syria will provide Iraq with economic security away from the risks of Hormuz.

He stressed that Iraq aims to raise oil production to more than 7 million barrels per day and expand refined product exports, adding that Baghdad and Ankara agree on a temporary arrangement to operate the Kirkuk-Ceyhan pipeline until a new agreement is reached.

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