BAGHDAD, March 4 (Bernama-dpa) -- The Basra Oil Company, Iraq's largest oil company, announced on Tuesday a 100 per cent reduction in crude oil production at the Rumaila field, effective immediately, reported German news agency dpa.
A statement issued by the Basra Oil Company on Tuesday explained that the decision was "due to the extremely serious international political events and the resulting closure of the Strait of Hormuz, which has disrupted international shipping and deterred oil tankers from entering the Gulf basin, leading to a shortage of tankers at [the company's] southern ports and the cessation of loading at some storage facilities, resulting in critically high stock levels."
The statement further clarified that all these factors necessitate "a 100 per cent reduction in production and pumping at the southern Rumaila field, effective immediately."
The Rumaila oil field, operated by British Petroleum (BP), is one of Iraq's largest oil fields, located in Basra Governorate in southern Iraq.
With a production rate of up to 1.4 million barrels per day, it is considered one of the country's largest oil fields.
Current crude oil production in Iraq stands at 4.273 million barrels per day, while exports are capped at 3.6 million barrels per day from all oil fields, including those in the Kurdistan region.
--BERNAMA-dpa
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