Iraq estimates losses from U.S.-Iran conflict at around 60 billion dollars

Iraq has lost around 60 billion U.S. dollars as a result of the recent conflict between the United States and Iran, Iraqi Foreign Minister Fuad Hussein said, according to the country's Foreign Ministry on Friday.

During a meeting in Rome with Italian Deputy Prime Minister and Foreign Minister Antonio Tajani, Hussein said the ongoing U.S.-Iran confrontation is worsening the global energy crisis and increasing inflationary risks, affecting economies in other regions, including Europe.

The Iraqi foreign minister called on the European Union and European countries to play a more active role in supporting peace initiatives, bridging differences and encouraging the parties to return to negotiations to prevent further escalation.

The two ministers also discussed prospects for security and defense cooperation following the conclusion of the international coalition's mission in Iraq on September 30.

Iraq's economy depends heavily on crude oil exports, which account for about 90 percent of government revenues. The country normally exports around 100 million barrels of oil per month.

However, export volumes have fallen sharply since the United States and Israel launched joint strikes on Iran on February 28 and the Strait of Hormuz, a key global energy route, was subsequently closed.

According to Iraq's Oil Ministry, the country's crude exports averaged around 2.6 million barrels per day in September.

According to CCTV+, reduced oil exports amid the conflict and restrictions on shipping through the Strait of Hormuz have been among the main factors behind Iraq's significant economic losses.