Iraq’s crude production hit a two-decade low last month, down nearly 66% from its recent three-month average.
Iraq’s average crude oil production fell to 1.389 million barrels per day in April, the lowest level since the early 2000s. The drop follows a pre-war average of 4.1 million bpd and a 2002-March 2024 monthly average of 3.47 million bpd.
The decline coincides with heightened regional tensions after the U.S./Israel-Iran conflict began in late February. The last comparable slump occurred during the 2003 U.S.-led invasion.
No immediate market reaction was reported, but the reduction tightens global supply constraints.