Iraqi oil to be affected if Hormuz Straits closed

BAGHDAD / IraqiNews.com: If the Hormuz Straits were closed, Iraq will lose two thirds of its oil exports and thereby gravely affect the Iraqi economy, an oil expert said today. Expert Majeed al-Hiti, in telephone call from Dubai, said to IraqiNews.com that “most of Iraqi oil is transported through Basra terminal”. “If the Straits were closed, Iraq will be gravely affected by this closure”, he confirmed. He pointed out that the closure will also affect the international markets as well as the economies, which will not resist withholding 17 million b/d. Hiti clarified that the closure of the Straits is not very easy, as it is a 35-mile waterway. On the other hand, he expected that the oil Gulf producing countries will try to find other vents, but, nevertheless, some other countries have no routes except for the Gulf. He expected the rise in oil prices to reach 200 or 300 dollars per barrel, if Iran implemented its threats. “A semi-declared war has been made against Iran; it seemed that America and its European allies to a certain extent succeeded in mobilizing the oil importing countries to this end, like Japan, China and South Korea,” Hiti added. He pointed out that the results of this campaign began to appear by the deterioration in Iranian currency, limitations on exports and imports, and halting deals with the Iranian Central Bank. RM (TI)/SR 131