Any disruption in the oil exports flowing through the Strait of Hormuz will be a “major obstacle” for Iraq’s economy, Iraq’s Prime Minister Adel Abdul Mahdi said on Tuesday as tensions continue to flare up in the Middle East, Reuters reported on Tuesday. Iraq has been studying ways around the vital chokepoint for oil exports for some time, but its options for doing so are limited. Iraq has the fourth largest oil reserves in OPEC, behind Saudi Arabia and Iran and Venezuela—the latter two which remain under strict US sanctions with their oil exports. Iraq is OPEC’s second largest producer and relies heavily on these oil exports—as do most OPEC nations—and any disruption to its oil revenues would be of grave consequence. Its oil industry provides the country with 89% of its revenue , according to the EIA. Iran has threatened to close the Strait on numerous occasions in […]