Iraq Prime Minister’s adviser has said that the country’s oil export losses range from $40 to $45 billion due to the Islamic Republic’s blockade of the Strait of Hormuz.

Muthir Salih, the economic adviser to Iraq’s prime minister, said not only have the country’s oil export revenues been wiped out, but economic growth has also declined. He said that the loss from the drop in the country’s oil exports, if the blockade of the Strait of Hormuz continues, could reach $50 billion.

Earlier, the International Monetary Fund had estimated that Iraq’s economy this year could shrink by about 6.8% due to the blockade of the Strait of Hormuz and falling oil production.

Before the blockade of the Strait of Hormuz, Iraq was producing about 4.1 million barrels of oil per day, of which 3.25 million barrels were exported through the Strait of Hormuz. Oil accounts for 90% of Iraq’s total exports.