Iraq's Oil Hub Basra Crippled as Strait of Hormuz Shutdown Strangles Exports

• Iraq's primary oil hub, Basra, faces severe economic paralysis due to the Strait of Hormuz shutdown, halting nearly all oil exports.
• Oil production in southern Iraq has plummeted by over 70%, with Basra province's output dropping from 3.1 million to 900,000 barrels per day.
• The war in Iran, initiated by US-Israeli strikes, has led to frequent drone and missile attacks targeting oil fields, US bases, and foreign companies.
• Foreign workers from major international oil companies have evacuated, further disrupting operations at key sites like Zubair and Rumaila.
• Iraq, heavily reliant on oil revenues, faces a financial crisis, potentially needing to issue bonds by mid-May as alternative export routes are costly and inefficient.