Commodities
Iraq's Basra Sees Oil Production Stabilize Amid Strait of Hormuz Tensions
Basra in southern Iraq has managed to maintain crude oil production at around 2.9 million barrels per day (bpd) despite disruptions caused by tensions at the Strait of Hormuz and OPEC+ cuts, according to Basra's deputy governor Zaid Muayad.
The region had seen its output drop from a daily average of 3.2-3.3 million bpd before the disruptions, which were linked to the Iran war in February.
Basra has been working to diversify exports through alternative routes, including Turkey and Syria, amid continuing disruptions to shipping through the Strait of Hormuz.