Oil production in southern Iraq plunges by 80%.

On 25th, officials from the Iraqi energy department stated that due to the factual blockade of the Hormuz Strait, Iraq is unable to export crude oil through this strait. With storage space running low, they have had to reduce oil production. Currently, the output of the country's major oil fields in the south has plummeted by 80%. Sources also claim that Iraq has significantly reduced production at several state-owned oil fields. Officials from the Iraqi energy department have warned that if the shipping situation in the Hormuz Strait does not improve, they may announce further production cuts in the coming days.