Iraq Slashes Oil Output to One-Third Amid West Asia Conflict, Faces Financial Strain

• Iraq's crude oil production has plummeted to 1.4 million barrels per day, a significant drop from its usual 4 million barrels.
• The reduction is due to ongoing conflict in the Persian Gulf disrupting key export routes, particularly through the Strait of Hormuz.
• Only 200,000 barrels per day are currently transported by trucks through Turkey, Syria, and Jordan, far below usual volumes.
• Production from southern oilfields, normally exported via Gulf coast terminals, has fallen by about 70 percent.
• The drastic cut causes severe financial pressure as oil exports fund over 90% of Iraq's state revenue; Baghdad seeks alternatives like increasing Kirkuk fields output.