Strait Crisis Plummets Iraqi Oil Production to Critical Lows

Iraq's oil production has plummeted due to the ongoing Iran war, with exports via the Strait of Hormuz halted. Production from major southern fields dropped significantly as storage reaches critical levels. Iraq requested production cuts from BP and Eni as the crisis persists. Further reductions may loom.

Iraqi oil production faces a severe decline as the ongoing conflict with Iran continues to impact exports through the Strait of Hormuz, officials revealed on Wednesday.

Previously operating at around 4.3 million barrels per day, output from Iraq's southern oilfields has sharply dropped to approximately 800,000 barrels per day, marking an 80% decrease.

The Basrah Oil Company has requested additional production cuts from BP and Eni, citing critically high storage levels. With the crisis unresolved, Iraq warns further reductions could be necessary.

(With inputs from agencies.)