Iraqi energy officials say Iraq's oil output fell further as storage fills and exports via Hormuz are blocked by the conflict; output from southern oilfields fell ~80% to around 800k BPD; more oil production cuts are possible if Hormuz is not open

Newsquawk StaffOil newsPublished 25 Mar 2026, 13:56 UTC

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13:44

An informed Iranian political and security source told Al-Mayadeen "Tehran informed the friendly country of Pakistan that it cannot accept the 15 items that make up the American proposal for negotiations"

13:40

"Press TV has access to information about Iran's response to the American plan and Iran's conditions for ending the war, which will be published in a few moments", via Mehr

13:36

Iraqi energy officials say Iraq's oil output fell further as storage fills and exports via Hormuz are blocked by the conflict; output from southern oilfields fell ~80% to around 800k BPD; more oil production cuts are possible if Hormuz is not open

13:32

The official Information Center of the Iranian Government says "Regarding the terms and negotiations, the enemy has raised his own wishes and do not pay too much attention to them", via Telegram

13:27

[CALENDER ADDITION] US Interior Secretary Burgum to address oil executives at 09:40EDT / 13:40GMT

On the Newsquawk feed at 13:36, 20 minutes before this page.

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Context

Iraq's oil output decline due to blocked exports and filling storage is significant, reducing production from southern oilfields by about 80%. This not only tightens supply at a time when global demand is recovering but also raises the possibility of further cuts, which can exacerbate upward pressure on oil prices, particularly WTI. The disruption in Hormuz poses a critical risk to stability in the oil market, affecting broader inflation and currency dynamics as well.

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