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Iraq has reduced crude oil production in Basra to about 900,000 barrels per day (bpd) after exports from southern ports were halted, the Iraqi News Agency (INA) reported last week.
The report, quoting a Ministry of Oil statement, said production at Basra Oil Company (BOC) has been reduced by nearly 73 percent from about 3.3 million bpd to 900,000 bpd with the output being directed to domestic refineries to maintain local fuel supply.
The closure of the Strait of Hormuz for most vessels has significantly disrupted Iraqi oil exports to China and India that account for nearly 60 percent of the OPEC member’s crude export markets, according to S&P Global Ratings.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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