Iraq's Oil Production Drops Amid Iran Conflict

Iraq's oil production has significantly decreased due to ongoing conflicts involving Iran, according to industry sources. The country's major southern oil fields have seen a reduction in output by 70%, now producing only 1.3 million barrels per day. Prior to the conflict, these fields were generating approximately 4.3 million barrels daily. The disruption is linked to Iraq's inability to export oil through the Hormuz Strait, a critical passage for global oil shipments. The situation underscores the geopolitical tensions affecting oil markets and the potential impact on global energy supplies.