Iraq Slashes Basra Oil Output
Deputy Oil Minister Hayyan Abdul Ghani stated during discussions with officials from the Basra Oil Company that production levels were significantly lowered after exports were halted, as reported by a news agency.
He noted that the crude currently being extracted is being allocated to supply domestic refineries, ensuring local energy needs are met.
Global oil prices surged amid growing regional instability, with Brent crude increasing roughly 4% to $112.4 per barrel, while West Texas Intermediate rose 2.8% to $98.35 per barrel.
Earlier this week, Iraq’s North Oil Company declared the resumption of oil shipments via the Turkish port of Ceyhan, after exports had been paused since 2023.
This decision reflects Baghdad’s effort to identify alternative export channels amid rising threats to maritime traffic in the Strait of Hormuz.
Tensions involving Iran have disrupted navigation through this strategic corridor, leaving hundreds of vessels stranded on both sides due to heightened security risks.
On March 2, Iran imposed navigation restrictions in the Strait of Hormuz and cautioned that it could target ships attempting to traverse the waterway without proper coordination.
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