Iraq has reduced its oil production by nearly 1.5 million barrels a day, with potential output potentially widening to over 3 million bpd due to ongoing disruptions from the Strait of Hormuz. This comes as the country runs out of storage and cannot export crude due to the Iran crisis. As of Tuesday, Iraq has cut production from the Rumaila oil field by 700,000 bpd, the West Qurna 2 field by 460,000bpd, and the Maysan field by 325,000 per day. This could result in further output cuts if oil tankers cannot move freely through the strait.