Iraq's Oil Production Plummets Amid Ongoing Iran Conflict

Iraq's oil production has significantly decreased due to the ongoing conflict with Iran, according to three Iraqi energy officials. The officials reported that oil storage tanks have reached critical levels, and the country is unable to export crude oil through the Strait of Hormuz. According to Jin10, oil output from Iraq's major southern oil fields has further declined by approximately 80%, now producing around 800,000 barrels per day. Earlier this month, production had already dropped by about 70%, down to 1.3 million barrels per day, from a pre-war level of approximately 4.3 million barrels per day. In response to the situation, Iraq has decided to further cut oil production starting Tuesday. Prior to this decision, Iraq had requested BP to reduce production at the Rumaila oil field by 100,000 barrels per day, bringing it down from about 450,000 barrels per day to approximately 350,000 barrels per day. Additionally, Iraq has asked Italy's Eni to decrease production at the Zubair oil field by 70,000 barrels per day, reducing it from the current 330,000 barrels per day to 260,000 barrels per day.