Amid the closure of strategic maritime corridors and the disruption of global supply chains, the international decision to exempt Iraqi oil shipments from the strict Strait of Hormuz restrictions acted as a true and vital lifeline for the Iraqi national
economy. This strategic exemption allows Baghdad to maintain the stability of its public budget, which relies almost entirely on oil revenues, and avoid plunging into a severe economic shock and inflation that would have disastrously and directly impacted the purchasing
power of the ordinary citizen.
