Iraqi Oil Output Falls Sharply as Strait of Hormuz Disruptions Curtail Exports
Iraq’s oil production has dropped from 4.3 million to 1.3 million barrels per day following the closure of the Strait of Hormuz amid regional tensions. Exports have fallen by at least 800,000 barrels per day, affecting Asian refineries, particularly in China. Maritime traffic through the strait has also sharply declined, with only 66 ships passing in nine days, according to maritime monitoring data. The disruption has contributed to rising oil prices, which have surpassed $100 per barrel as markets react to supply concerns linked to the conflict involving Iran, Israel, and the United States.