Iraq cuts 2.9M bpd, biggest oil production reduction globally

Shafaq News- Baghdad

Iraq has cut its oil production by about 2.9 million barrels per day, making it the country with the largest production reduction globally amid the US-Israeli war with Iran and the closure of the Strait of Hormuz, an economic said on Tuesday.

In a statement, Nabil Al-Marsoumi noted that Saudi Arabia reduced its output by between 2 and 2.5 million barrels per day, while the United Arab Emirates cut production by about 800,000 to 900,000 barrels per day, and Kuwait by around 500,000 barrels per day. The combined reductions by these countries reached approximately 6.7 million barrels per day, equivalent to one-third of their oil production and about 6% of global supply.

Despite these cuts, oil prices fell below $90 per barrel, after the Group of Seven (G7) asked the International Energy Agency (IEA) to prepare plans to release emergency oil reserves to address supply shortages and rising prices.