Sunday, March 8, 2026

"Iraqi oil production collapses with Strait of Hormuz blocked by conflict, sources say"

WTI futures are at $109.40, Brent at $109.87.

https://charts2-node.finviz.com/chart.ashx?cs=m&t=@CL&tf=d&s=linear&pm=0&am=0&ct=candle_stick&tm=d&r=&sf=2&rev=1773027118367 https://charts2-node.finviz.com/chart.ashx?cs=m&t=%40QA&tf=d&s=linear&pm=0&am=0&ct=candle_stick&tm=d&r=&sf=2&rev=1773027160969

From Reuters, March 8: 

  • Iraq cuts oil output due to Middle East conflict
  • Storage is full, remaining output heads to domestic refineries
  • Southern exports set to halt due to lack of tankers

Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz ​due to the Iran war, three industry sources said on Sunday.
Production from ​the fields stood at around 4.3 million bpd before the war.

"Crude storage ⁠has reached maximum capacity and the remaining output after the major cut will ​be used to supply the country's refineries," said an official with the state-run Basra ​Oil Company (BOC), which manages production and export operations from the southern fields....

....MORE 

at