Iraq has more than halved production at the world’s second largest oilfield in Rumaila after the Islamic Revolutionary Guard Corps declared the Strait of Hormuz closed amid an escalating Iran war.
The oilfield, operated by the state-owned Basra Oil Co., has cut production by 700,000 barrels per day due to overloaded storage, Reuters reported citing Iraqi officials on Tuesday. That’s because a chocked Strait of Hormuz has slowed the arrival of tankers for crude oil exports.
This is a developing story. More to come.