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Iraq Halts Oil Exports Amid Strait Disruptions, Talks Intensify

3/21/2026

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Summary

Story summary

Iraq declared force majeure on oilfields developed by foreign companies due to disruptions in the Strait of Hormuz, halting most crude exports.
The oil ministry said storage capacity is nearing its limits as navigation issues persist.
Crude production at Basra Oil Company has fallen from 3.3 million bpd to 900,000 bpd.
The U.S.-Israeli conflict with Iran has intensified these challenges and threatens Iraq's oil-revenue finances, prompting talks with international partners.

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Story summary

Iraq declared force majeure on oilfields developed by foreign companies due to disruptions in the Strait of Hormuz, halting most crude exports.
The oil ministry said storage capacity is nearing its limits as navigation issues persist.
Crude production at Basra Oil Company has fallen from 3.3 million bpd to 900,000 bpd.
The U.S.-Israeli conflict with Iran has intensified these challenges and threatens Iraq's oil-revenue finances, prompting talks with international partners.