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BERLIN: Iraqi Prime Minister Ali al-Zaidi said on Tuesday that he discussed selling oil to Europe during visits to France and Germany, as Baghdad seeks to diversify its export routes and reduce its reliance on the Strait of Hormuz.<\/p>\n
During a press conference with German Chancellor Friedrich Merz in Berlin, Zaidi said \u201cwe want to expand and diversify our export routes\u201d.<\/p>\n
He added that \u201cIraq cannot remain hostage to a single corridor\u201d as recent events have demonstrated, referring to the Strait of Hormuz, which has been blockaded by Iran during the Middle East war.<\/p>\n
Zaidi said that he had discussed oil exports to Europe with Merz and French President Emmanuel Macron, whom he met in Paris on Monday.<\/p>\n
Crude oil sales account for nearly 90 percent of Iraq\u2019s revenue but its exports have been hurt by the outbreak of the Middle East war between Iran and the United States.<\/p>\n
Before the war began in February, Iraq produced around four million barrels per day, and exported an average of 3.4 million bpd, mostly via Hormuz.<\/p>\n
Most of its oil exports go to East Asia, with China and India its largest buyers.<\/p>\n
Due to the disruption, Iraq began exporting crude using tanker trucks through Syria, as well as through a pipeline to the Turkish port of Ceyhan, although these routes can handle only a fraction of its usual sea-bound trade.<\/p>\n
Zaidi said that Baghdad could \u201cdouble its oil exports through the Mediterranean\u201d to supply markets in Europe and the United States.<\/p>\n
Zaidi, who hopes to increase Iraq\u2019s oil production to 10 million barrels per day, said that \u201ca large share, or nearly half, can go to European countries and the West\u201d.<\/p>\n
He said that Iraq and Germany were expected to reach \u201can understanding on the export of crude oil\u201d while Baghdad would purchase German technology and equipment.<\/p>\n
Merz said that the main focus for Iraqi-German cooperation is the economy.<\/p>\n
\u201cMany German companies are now active in Iraq. They are developing new solutions, for example for energy supply,\u201d he said, adding that \u201cthe best example is an agreement on Iraq\u2019s electricity supply, which we will sign today\u201d.<\/p>\n
Merz also expressed his concerns after Yemen\u2019s Houthis cemented their control over the Bab al-Mandab waterway at the entrance to the Red Sea, a vital route for Saudi oil exports.<\/p>\n
\u201cThis further exacerbates the situation on the energy markets, and also affects Germany,\u201d he said.<\/p>\n<\/div>\n