Iraq's oil production has declined sharply due to conflict and transport disruptions, with output from major southern oil fields falling by approximately 80%

Mars Finance News: On March 25, an Iraqi energy official 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 continues to decline significantly. Data shows that production at major oil fields in southern Iraq has further decreased by about 80%, down to approximately 800,000 barrels per day; earlier this month, the region’s output had fallen from about 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, Eni has been asked to cut Zubair oil field production from 330,000 barrels per day to 260,000 barrels per day.