🚨🇮🇶🇮🇷 Iraq just shut down most of its oil production Iraq declared force majeure on all foreign-operated oilfields after the Hormuz blockade filled every barrel of storage the country has. Production at Basra Oil Company crashed from 3.3 million barrels per day to 900,000, just enough to keep domestic refineries running. Iraq didn't start this war. Iraq didn't want this war. And now Iraq, which depends on oil sales for over 90% of government income, is watching its economy flatline because a waterway it has no control over is sealed shut. The second-largest OPEC producer just went dark. This is the domino that energy markets have been dreading. When a country producing 3.3 million barrels a day goes offline, the supply gap doesn't just affect oil prices. It threatens the ability of an entire nation to pay its civil servants, fund its military, and keep the lights on. Source: Reuters
