Iraq has decreased oil production from the Rumaila oilfield by 700k BPD on Tuesday, according to Iraqi oil officials
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- Reduction in oil production is due to overloaded storage as tensions in Strait of Hormuz slows arrival of tankers.
- Iraq will be forced to slash oil production by more than 3mln/BPD in a few days if oil tankers cannot move freely and reach loading ports.
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