Iraq has reached an understanding with the US to facilitate oil exports through the Strait of Hormuz using a shipping lane near Oman, Foreign Minister Fuad Hussein said in an interview with Al Jazeera, as reported by Reuters.

Hussein said Iraq’s financial losses resulting from the war involving Iran and disruptions to its oil exports had reached $60 billion.

Iraqi oil exports recovered in October, rising to approximately 3.5 million barrels per day (mmbbl/d), compared with 2.65 mmbbl/d in September, according to Iraqi energy officials.

The Strait of Hormuz is a critical global energy shipping route through which a significant share of the world’s oil and liquefied natural gas (LNG) supplies passes. Disruptions to shipping through the waterway have affected regional oil exports, forcing producers to seek alternative routes and arrangements to maintain supplies to international markets.