Iraq lost over $40 billion in revenue during war, says official
This photo shows the Zubair oil field, near Basra, Iraq.
A government official has said that Iraq has lost more than $40 billion in revenue since the start of the Middle East war, mostly due to a sharp decline in its oil exports.
The conflict and Iran's blockade of the Strait of Hormuz choked off shipments and prompted production cuts in key oil-producing countries, including Iraq, shaking world energy markets.
Before the war Iraq produced around four million barrels per day and exported an average of 3.5 million bpd, mostly via Hormuz.
