Iraq reaches understanding with US on oil exports through Strait of Hormuz shipping lane, minister says

Iraq has reached understandings with the United States allowing its oil exports to move through a shipping lane in the Strait of Hormuz, the country's minister Fuad Hussein has said.

Speaking in a television interview, he said Iraq's losses caused by the Iran war and the restrictions on oil exports have reached 60 billion dollars.

Meanwhile, Iraq's oil exports, which had fallen sharply the previous month, rose again in October. Exports stood at 2.65 million barrels per day in September and climbed to about 3.5 million barrels per day in October, Iraqi energy officials said.

The Strait of Hormuz is a vital sea lane for countries exporting oil from the Persian Gulf, and a significant share of the world's crude oil exports moves along this route. The disruption to shipments through the strait during the conflict with Iran had a major impact on Iraq's economy.