BlockBeats News, March 25 — An official from Iraq’s energy department stated that due to the ongoing Iran conflict, combined with near-capacity oil storage and disruptions in Strait of Hormuz transportation, the country’s oil production has continued to decline significantly.
Data shows that production at Iraq’s major southern oil fields has further decreased by approximately 80%, down to about 800,000 barrels per day; earlier this month, the region’s output had fallen from around 4.3 million barrels per day before the conflict to 1.3 million barrels per day. To address storage pressures and export bottlenecks, Iraq has decided to further cut production starting Tuesday.
Additionally, Iraq has requested BP to reduce Rumaila oil field output from about 450,000 barrels per day to 350,000 barrels per day; at the same time, it has asked Eni to cut Zubair oil field production from 330,000 barrels per day to 260,000 barrels per day.
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