Iraq’s foreign minister told Al Jazeera that the country has lost about $60 billion because of the conflict’s impact on crude exports. Reuters reported the agreement. Iraq, OPEC’s second-largest oil exporter after Saudi Arabia, relies almost entirely on the Strait of Hormuz to send crude to global markets.

The U.S. and Israel began strikes on Iran at the end of February, and the resulting war sharply curtailed Iraqi output. Production from southern fields fell 70% to 1.3 million barrels per day as limited storage capacity forced wells to close and exports through the blocked strait became impossible.

Output and exports have since recovered. Iraq exported an estimated 3.4 million barrels per day in October, close to its pre-war level of 3.3 million to 3.5 million barrels per day and up from 2.65 million barrels per day in September. Oil Minister Bassem Mohammed Khudair said Iraq is now exporting through the Strait of Hormuz, Ceyhan and tanker trucks crossing Syria.

Baghdad is also seeking to raise exports to 5 million barrels per day. The government is investing in pipelines and new export terminals on Iraq’s Gulf coast to support that goal.