Iraq cuts oil output after Strait of Hormuz closure
Iraq has announced a reduction in its crude oil production after exports declined and some shipments were halted following Iran’s closure of the Strait of Hormuz amid escalating regional tensions.
In a statement released Tuesday evening, Iraq’s Ministry of Oil said the decision to lower crude production would not affect refinery operations or the continued production of petroleum derivatives needed to meet domestic demand, News.Az reports, citing Anadolu Agency.
The ministry emphasized that refineries across southern, central and northern Iraq are operating at full capacity to ensure stable fuel supplies.
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“All refineries are operating continuously at full capacity to produce various petroleum products, ensuring sufficient supply for daily local use and storing any surplus,” the statement said.
The announcement comes after Iran’s Islamic Revolutionary Guard Corps (IRGC) declared on Monday that the Strait of Hormuz had been closed to transit. The group warned that vessels attempting to pass through the strategic waterway would be targeted following the recent US-Israeli attacks on Iran.
Located at the entrance to the Persian Gulf, the Strait of Hormuz is a crucial corridor for global energy supplies, linking Middle Eastern oil and liquefied natural gas exports to international markets through the Arabian Sea and the Indian Ocean.
Several major producers — including Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Qatar — rely heavily on the route to export energy resources. Many countries in Europe as well as major Asian economies such as China, India, Japan and South Korea depend on shipments passing through the strait.
Iran’s move follows a large-scale attack launched by the United States and Israel on Saturday that reportedly killed nearly 800 people, including Iran’s Supreme Leader Ali Khamenei.
Tehran has since responded with drone and missile strikes targeting Israel and several Gulf states that host US military assets.
By Nijat Babayev
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