Market News
Iraqi oil production collapses with Strait of Hormuz blocked by conflict, sources say - REUTERS
Summary
- Iraq cuts oil output due to Middle East conflict
- Storage is full, remaining output heads to domestic refineries
- Southern exports set to halt due to lack of tankers
BAGHDAD, March 8 (Reuters) - Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, three industry sources said on Sunday.
Production from the fields stood at around 4.3 million bpd before the war.
