Iraq’s Oil Output Plunges 70% as Gulf Shipping Crisis Deepens

Crude oil production from Iraq’s southern fields has dropped by 70% since the start of the U.S. and Israeli war on Iran, with the average daily production at 1.3 million barrels, compared with 4.3 million barrels daily before the war began. “Crude storage has reached maximum capacity, and the remaining output after the major cut will be used to supply the country's refineries,” an official from Basra Oil Company told Reuters. The company is the state-owned entity that markets Iraq’s southern oil, which ac ...