Iraq has lost an estimated 350 million barrels of crude oil exports worth approximately $37.7 billion since the closure of the Strait of Hormuz in late February, according to data released by Eco Iraq on Saturday.

The organization said Iraq was exporting between 103 million and 107 million barrels of crude oil per month before the strategic waterway was closed on February 28. However, exports declined sharply following the disruption of maritime traffic caused by escalating regional conflict.

According to Eco Iraq, Iraq’s crude oil exports fell to 84.4 million barrels in March, before recovering slightly to 93.1 million barrels in April and 92.8 million barrels in May. Exports are estimated to have dropped again to around 79.6 million barrels in June.

The organization estimated that cumulative losses since the closure amount to nearly 350 million barrels of crude oil, translating into approximately $37.7 billion in lost revenue based on average oil prices during the period.

Eco Iraq stressed that the "New Levant" project has become a national and strategic necessity for Iraq, arguing that alternative export routes are essential to protect the country's oil sector from geopolitical disruptions and reduce dependence on maritime routes vulnerable to regional tensions.

The issue is particularly significant for Iraq, where oil revenues account for nearly 90 percent of government income.

The Strait of Hormuz, one of the world's most important energy transit corridors, has remained closed since Iran halted commercial shipping through the waterway following U.S. and Israeli strikes on Iranian territory on February 28, 2026.