2026-03-08T16:07:47+00:00

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Shafaq News- Baghdad

Iraq’s oil production has dropped nearly 60% as the conflict involving
the United States, Israel, and Iran slows tanker movements and disrupts exports
through the strategic Strait of Hormuz, Bloomberg reported on Sunday.

Sources cited by the agency put current output at 1.7 to 1.8 million
barrels per day, down from about 4.3 million barrels before the fighting
intensified. “The decline reflects growing logistical pressure in the Arabian
Gulf, where fewer tankers can load crude,’’ they added, stressing that storage
facilities are filling fast, forcing producers to cut production.

Iraq is the first major Gulf producer to reduce oil supply due to the
conflict. The United Arab Emirates and Kuwait have followed as regional
disruptions spread.

The Strait of Hormuz, a critical shipping lane that handles roughly 20%
of global oil exports, continues to face major interruptions. With tanker
access limited, Gulf producers are increasingly storing oil, though available
capacity is running low, according to Bloomberg.

Read more: Iraq braces for financial meltdown amid Hormuz closing threats