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Baghdad, March 3 (QNA) – The Iraqi Ministry of Oil and the Basra Oil Company decided Tuesday to reduce production and pumping at the South Rumaila oil field by 100% due to international political events and the closure of the Strait of Hormuz.
In a statement, the company’s operations department explained that, as a result of the extremely serious international political events, including the closure of the Strait of Hormuz, the disruption of international shipping, the reluctance of oil tankers to enter the Gulf basin, the unavailability of tankers at southern ports, and the halt in loading at some storage facilities, it was decided to reduce production and pumping by 100% at the South Rumaila field starting this evening (Tuesday).
The statement also noted that all these factors have led to a rise in oil inventories at storage facilities, reaching what it described as critical levels. (QNA)
