Iraq announces sharp decline in oil production due to regional escalation
Iraq announced a sharp decline in its oil production on Sunday, falling to about 1.3 million barrels per day, compared to roughly 3.3 million barrels per day before the recent military escalation in the region, QNA reports.
Assistant Director-General of the Petroleum Contracts and Licensing Directorate (PCLD) at Iraqi Ministry of Oil, Kazem Abdul Hassan Karim, said in a statement that oil export terminals in Basra, including Umm Qasr Port and Basra Oil Terminal, are still operating normally, noting that export rates depend on the availability of oil tankers.
He added that production has stabilized at 1.3 million barrels per day in line with ministry directives, down from about 3.3 million barrels per day before the recent tensions.
He also stated that a drone attack involving two unmanned aircraft targeted Burjesiaآ oil field area southwest of Basra, causing material damage to storage facilities of a foreign logistics services company, without any direct damage to oil installations or production fields.
Earlier, it was reported Iran cuts fuel quota in Tehran after US-Israeli strikes on oil depots