'Three Iraqi Energy Officials Say Iraq's Oil Output Plunges Further As Storage Fills And Hormuz Exports Are Blocked By Conflict; Iraq Oil Output From Southern Oilfields Falls About 80% To Around 800,000 Barrels/Day- Three Iraqi Energy Officials; Iraq Orders Further Oil Output Cuts, Asking BP And Eni To Slash Production At Major Southern Fields; Say More Oil Production Cuts Possible If Hormuz Disruption Continues' - Reuters Exclusive

Iraq's oil production has decreased significantly due to the ongoing conflict affecting exports via the Strait of Hormuz, with output from southern oilfields plummeting about 80% to approximately 800,000 barrels per day (bpd). Earlier this month, production had already fallen by 70% to around 1.3 million bpd from a pre-war level of 4.3 million bpd. Iraq has ordered further cuts, requesting BP to reduce output from the Rumaila oilfield by 100,000 bpd and Eni to cut 70,000 bpd from the Zubair field. Officials have indicated that additional production cuts may be necessary if the situation in Hormuz does not improve.