Iraq reaches US understanding to resume oil exports through Strait of Hormuz, says foreign minister

Iraq has reached understandings with the United States to allow Iraqi oil exports through the Strait of Hormuz via a shipping lane near Oman, Foreign Minister Fuad Hussein said in an interview with Al Jazeera.

He said Iraq's losses from the Iran war and disruptions to oil exports had reached $60 billion.

Iraq's oil exports recovered in October after a sharp drop the previous month. Exports rose to about 3.5 million barrels per day from 2.65 million bpd in September, according to Iraqi energy officials.