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The Times of India

Sports / The Times of India

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Iraq loses $60 billion to Iran war as Hormuz squeeze hits oil exports

Iraq is facing significant economic difficulties as its oil exports are disrupted by the ongoing Iran war, resulting in serious fuel shortages. With over 90 percent of its federal budget reliant on oil revenues, Prime Minister reports a staggering $60 billion loss in oil income. Even as a key crude oil producer, Iraq still finds itself importing gasoline.

26 Sep 2026 4:16 pm