The Iraqi Cabinet has authorised the Ministry of Oil to exercise the necessary powers to address a potential crisis in crude oil and petroleum product exports resulting from the closure of the Strait of Hormuz.
The decision relates to anticipated disruptions to export operations and is intended to enable the Ministry to take appropriate measures to manage the situation.
Meanwhile, unnamed Iraqi oil officials told Reuters on Tuesday of significant cuts to Iraqi oil production, which could become more severe within days as the country runs out of storage. More here.
An official statement from the Oil Ministry said that the reduction in crude oil production will not affect refinery operations or the continued production of refined products and liquefied gas. It said crude oil production and associated gas investment are continuing to ensure that domestic energy requirements are met.
