Iraq's Oil Production Plummets Amid Export Halt

Iraq's Oil Minister Hayan Abdel-Ghani announced a significant reduction in crude production at Basra Oil Company, dropping to 900,000 barrels per day from the previous 3.3 million. This cut follows a halt in exports from southern ports, with output redirected to maintain refinery operations.

Iraq's Oil Minister Hayan Abdel-Ghani reported a drastic reduction in crude production at Basra Oil Company, slashing output to 900,000 barrels per day from the usual 3.3 million barrels due to halted exports from southern ports, according to Friday's ministry statement.

Amid the export standstill, the produced oil is being channeled to keep refineries running, the ministry elaborated in its report.

This shift marks a strategic move in response to the export disruption, highlighting the challenges facing Iraq's oil sector and potential impacts on global oil markets.