2026-03-10T17:40:18+00:00

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Shafaq News-
Baghdad

Iraq has cut its
oil production by about 2.9 million barrels per day, making it the country with
the largest production reduction globally amid the US-Israeli war with
Iran and the closure of the Strait of
Hormuz, an economic said on Tuesday.

In a statement, Nabil
Al-Marsoumi noted that Saudi Arabia reduced its output by between 2 and 2.5
million barrels per day, while the United Arab Emirates cut production by about
800,000 to 900,000 barrels per day, and Kuwait by around 500,000 barrels per
day. The combined reductions by these countries reached approximately 6.7
million barrels per day, equivalent to one-third of their oil production and
about 6% of global supply.

Despite these cuts,
oil prices fell below $90 per barrel, after the Group of Seven (G7) asked the
International Energy Agency (IEA) to prepare plans to release emergency oil
reserves to address supply shortages and rising prices.