Bloomberg has learned about a 60 drop in oil production in Iraq%

Oil production in Iraq has dropped sharply amid the conflict in Iran, which has effectively paralyzed tanker traffic through the Strait of Hormuz, Bloomberg reported on March 8.

"The country is currently producing between 1.7 and 1.8 million barrels of oil per day, compared to about 4.3 million barrels before the conflict," the agency's sources said.

According to them, the shortage of tankers for oil exports has forced Baghdad to sharply reduce production, as supplies from the region are difficult. Due to the shortage of ships, the oil-producing countries of the Persian Gulf have to send raw materials to storage facilities, but their available capacities are rapidly decreasing.

Iraq became the first major oil producing country in the region to reduce production due to the crisis, after which the United Arab Emirates (UAE) and Kuwait began to take similar measures, the newspaper said.

Costly refueling: fuel crisis may push the United States to end the war

The blockade of the Strait of Hormuz is already affecting the price of gasoline and increasing demand for Russian oil.

The day before, The New York Times newspaper, citing data from the American Automobile Association (AAA), reported that gasoline prices in the United States increased by 14% in the week after the start of the military operation against Iran, reaching the highest level since 2024. According to the newspaper, the average cost of gasoline was $3.41 per gallon (3.785 liters).

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