A government official says that Iraq 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, AFP reports.

Before the war, which began with US-Israeli strikes on Iran in late February, Iraq produced around four million barrels per day, and exported an average of 3.5 million bpd, mostly via Hormuz.

“For Iraq, due to a 90 per cent drop in its oil exports … in addition to the decline in growth rates … the estimated loss was between $40 and $45bn up to June 2026,” Muzhar Saleh, financial adviser to Iraq’s prime minister, outlines.

Revenue losses could reach $50bn as the war and the dispute over the Strait of Hormuz continue, Saleh adds.

Another government official, speaking on condition of anonymity, confirms that Iraq’s losses are “nearing $50bn”, mostly due to the drop in oil exports.