Iraq Tells Oil Fields to Start Lifting Output After US-Iran Deal
Bloomberg 2026-06-20 12:05:15
Context: Iraq has instructed operators of five major oil fields to increase production to prewar levels, aiming for an output of over 3 million barrels a day. This move comes after a US-Iran deal that seeks to fully reopen the Strait of Hormuz, a critical waterway for global oil exports. The directive is intended to ramp up Iraq's oil production.
Key Facts
- Iraq has asked operators of five major oil fields to boost production to prewar levels, with a target output of over 3 million barrels a day.
- The decision to increase production follows a US-Iran deal aimed at fully reopening the Strait of Hormuz, a vital passage for global oil exports.
- The Strait of Hormuz is a critical waterway through which a significant portion of the world's oil supply passes, making its stability crucial for global energy markets.