Iraqi Minister Warns of $200-300 Oil
By John Lee.
Iraq's Deputy Prime Minister and Foreign Minister, Fuad Hussein (pictured), has cautioned that the continuation of Israeli and Iranian military operations may lead to the closure of the Strait of Hormuz, which could result in the loss of up to five million barrels per day of oil exports from the Gulf and Iraq.
He warned that this could drive oil prices to $200-300 per barrel, exacerbating the global inflation crisis and negatively impacting both producing and importing countries, including Iraq.
The Minister made his comments during a phone call with Germany's Federal Minister for Foreign Affairs, Dr. Johann Wadephul.
(Source: MoFA)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Rudaw Net
an hour ago
- Rudaw Net
Iran, Israel conflict enters fifth day
ERBIL, Kurdistan Region - Israel and Iran continued to trade strikes for a fifth straight day on Tuesday, with US President Donald Trump urging Iranians to evacuate Tehran after slamming the Islamic republic for failing to reach a nuclear deal with Washington. Trump on Tuesday cut his trip short to the G7 summit in Canada due to tensions in the Middle East, telling reporters that 'I have to be back.' The announcement came after he called on Iranians to evacuate Tehran, describing its failure to strike a deal as 'a shame, and waste of human life.' Tensions between Israel and Iran boiled over on Friday after Israel carried out extensive airstrikes in Iran, killing senior military commanders and nuclear scientists. In response, Iran launched missile salvos and deployed scores of drones against Israel. According to Israeli authorities, so far, at least 24 civilians have been killed and 592 injured. In Iran, authorities reported 224 people killed and 1,277 injured. On Monday, G7 leaders issued a joint statement calling for 'the resolution of the Iranian crisis' to begin 'a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.' The statement, released by Canada, said that Israel 'has a right to defend itself.' 'We have been consistently clear that Iran can never have a nuclear weapon,' it stressed. Israel has launched around 380 ballistic missiles since the beginning of the conflict, according to Channel 12. Iranian foreign ministry spokesperson Esmail Baghaei on Monday called on the US to take a clear stance on the latest escalation between Iran and Israel, stressing that Washington is backing Israel.
Shafaq News
2 hours ago
- Shafaq News
Iranian gas decline threatens dark summer in Iraq
Shafaq News/ Iraq faces a growing risk of nationwide electricity shortages as Iranian gas supplies plunge, after Israeli strikes targeted Iran's energy infrastructure, a lawmaker warned on Monday. Diaa Hindi al-Husnawi, MP for Karbala, reported that falling gas imports are already reducing power supply across central provinces and pressed the government to activate emergency measures. 'People don't care about geopolitical tensions—they need electricity to survive the heat,' he told Shafaq News, calling the outages intolerable. Iraq depends on Iranian gas for nearly one-third of its electricity generation, importing up to 45 million cubic meters per day. These volumes are vital during the summer, when national demand often exceeds 32,000 megawatts, and a prolonged disruption could cut output by as much as 8,000 megawatts—triggering widespread blackouts, according to analysts. The conflict, which escalated on June 13, has seen Israel target multiple Iranian energy assets, including pipelines, refineries, and transmission infrastructure. With Tehran's capacity under strain, its ability to sustain exports has been severely reduced, leaving Iraq's energy system exposed. Al-Husnawi faulted the Ministry of Electricity for failing to implement contingency plans despite repeated warnings, highlighting that long-promised alternatives—such as grid integration with the Gulf, Jordan, and Turkiye, as well as solar and gas capture projects—remain largely unfulfilled. 'The solutions exist, but delays have rendered them meaningless in crisis,' he said, urging decisive, depoliticized action. 'This is no longer just a technical issue—it reflects systemic dysfunction and political inertia.' Iraq's power grid also suffers from chronic inefficiencies, including technical losses exceeding 30% and a lack of strategic gas reserves. Experts warn that without urgent reforms and diversification, the country will remain vulnerable to external supply shocks.
Iraq Business
4 hours ago
- Iraq Business
Iraqi Minister Warns of $200-300 Oil
By John Lee. Iraq's Deputy Prime Minister and Foreign Minister, Fuad Hussein (pictured), has cautioned that the continuation of Israeli and Iranian military operations may lead to the closure of the Strait of Hormuz, which could result in the loss of up to five million barrels per day of oil exports from the Gulf and Iraq. He warned that this could drive oil prices to $200-300 per barrel, exacerbating the global inflation crisis and negatively impacting both producing and importing countries, including Iraq. The Minister made his comments during a phone call with Germany's Federal Minister for Foreign Affairs, Dr. Johann Wadephul. (Source: MoFA)
