SEATTLE (Oil Monster): Iraq has announced a cut in crude oil production after exports were reduced and partially halted following Iran’s closure of the Strait of Hormuz, escalating tensions across the Middle East energy corridor.
The Iraqi Ministry of Oil said Tuesday that the output reduction is a precautionary response to disrupted export flows and maritime security risks. However, officials emphasized that refinery operations and domestic fuel supplies remain unaffected. According to the ministry, refineries across southern, central, and northern Iraq are operating at full capacity to ensure uninterrupted production of petroleum derivatives for local consumption, with surplus volumes being stored.
Iran’s Islamic Revolutionary Guard Corps (IRGC) confirmed the closure of the Strait on Monday, warning that vessels attempting transit could be targeted. The waterway links the Persian Gulf to the Arabian Sea and serves as a vital route for crude oil and LNG exports to Europe and major Asian economies.
The move follows large-scale US and Israeli strikes on Iran over the weekend, which Tehran claims killed hundreds, including Supreme Leader Ali Khamenei. Iran has since launched retaliatory drone and missile attacks, intensifying regional instability and global energy market volatility.
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