Iraq has cut oil production in the Basra fields by about 70%, reducing output from 3.3 million barrels per day to around 900,000, following the suspension of crude exports from southern ports, the state news agency reported Friday. Deputy Oil Minister Hayyan Abdul Ghani said during a meeting with officials from the Basra Oil Company that production had been sharply reduced after exports were halted, according to the Iraqi News Agency (INA). He added that the crude currently being produced is being directed to operate domestic refineries. Oil prices rose amid the escalating regional tensions, with Brent crude climbing about 4% to $112.4 per barrel, while West Texas Intermediate reached $98.35, up 2.8%. On Wednesday, Iraq’s North Oil Company announced […]
This article was sourced from Middle East Monitor.
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