\n 2026-03-08T16:07:47+00:00<\/p>\n
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Shafaq News- Baghdad<\/p>\n
Iraq\u2019s oil production has dropped nearly 60% as the conflict involving
\nthe United States, Israel, and Iran slows tanker movements and disrupts exports
\nthrough the strategic Strait of Hormuz, Bloomberg reported on Sunday.<\/p>\n
Sources cited by the agency put current output at 1.7 to 1.8 million
\nbarrels per day, down from about 4.3 million barrels before the fighting
\nintensified. \u201cThe decline reflects growing logistical pressure in the Arabian
\nGulf, where fewer tankers can load crude,\u2019\u2019 they added, stressing that storage
\nfacilities are filling fast, forcing producers to cut production.<\/p>\n
Iraq is the first major Gulf producer to reduce oil supply due to the
\nconflict. The United Arab Emirates and Kuwait have followed as regional
\ndisruptions spread.<\/p>\n
The Strait of Hormuz, a critical shipping lane that handles roughly 20%
\nof global oil exports, continues to face major interruptions. With tanker
\naccess limited, Gulf producers are increasingly storing oil, though available
\ncapacity is running low, according to Bloomberg.<\/p>\n