Iraqi Foreign Minister Fuad Hussein said Iraq had suffered losses of around $60 billion during the recent war between the United States and Iran, according to a statement from the Iraqi Foreign Ministry on Friday.
“Iraq has suffered losses estimated at around 60 billion dollars during the recent war between the United States and the Islamic Republic of Iran,” Hussein told Italian Deputy Prime Minister and Foreign Minister Antonio Tajani during a meeting in Rome on Thursday, the statement said.
Hussein warned that the conflict had worsened the global energy crisis and raised inflation concerns, affecting economies worldwide, including those in Europe.
He called on the European Union and European countries to support peaceful initiatives, help bridge differences and encourage the parties to return to the negotiating table to prevent further escalation.
The two ministers also discussed prospects for strengthening security and military cooperation, particularly following the conclusion of the international coalition’s mission in Iraq on September 30, the statement said.
Iraq relies heavily on crude oil exports, which account for about 90% of its revenue. The country typically exports around 100 million barrels of crude oil a month, but shipments have plunged since the United States and Israel launched joint strikes on Iran on February 28, triggering the closure of the Strait of Hormuz, a key route for global energy supplies.
Iraq’s Oil Ministry said last month that crude oil exports averaged about 2.6 million barrels per day in September.
(With agency inputs from Reuters)
