US EditionIraq Oil Production Collapses as Strait of Hormuz Remains Closed
Iraq's oil output from southern fields fell 70% to 1.3 million barrels daily due to halted exports amid the Strait of Hormuz closure, impacting global crude prices.
- On Sunday, Iraq's oil output plunged about 70% to 1.3 million barrels per day, collapsing production from its three main southern oilfields that previously yielded 4.3 million bpd.
- Amid the US–Israeli war on Iran, the Strait of Hormuz remains effectively closed, disrupting transit as Kuwait and UAE manage output due to Iranian threats and storage limits.
- With no new tankers able to reach terminals, exports halted after only Cospearl Lake and Yuan Hua Hu finished loading about two million barrels each, dropping southern exports to around 800,000 barrels per day.
- U.S. crude benchmarks showed sharp gains as West Texas Intermediate rose to $101.56 and Brent to $101.81 after weekend cuts pushed crude to $100 per barrel, straining Iraq's government finances and risking fuel shortages in Australia regional areas.
- U.S. Energy Secretary Chris Wright said Sunday traffic will resume after the U.S. neutralizes Iran's threat, while ADNOC reported onshore operations are continuing normally.
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33 Articles
Oil passes $100 a barrel following Strait of Hormuz blockage and Middle East war
The blockage of the Strait of Hormuz is forcing Persian Gulf countries to reduce their crude oil production. G7 leaders are considering jointly releasing their strategic reserves to supply the markets.
Today's surge didn't just hit energy markets. Asian stock markets plunged deep into the red at the opening, and investors are increasingly concerned that a prolonged blockade of the Strait of Hormuz could trigger a broader wave of price hikes and a new blow to the global economy.
Iraq's oil production in the main oil fields in the south of the country dropped by about 70%, reaching only 1.3 million barrels per day, as exports through the Ormuz Stream were affected by the war with Iran, declared on Sunday three sources of industry, Reuters.
Iraq has fallen into its oil production due to its inability to export through the Straits of Hormuz because of the war against Ir n.
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Korrespondent.netThe decrease reflects the growing logistical problems in the Persian Gulf.
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