Iraq Tells Oil Fields to Start Lifting Output After US-Iran Deal

Iraq instructed operators of five key oil fields to increase their output to pre-war levels, aiming for a combined production exceeding 3 million barrels per day. This directive follows a reported deal between the United States and Iran that seeks to fully reopen the Strait of Hormuz, a critical chokepoint for global oil shipments. The Ministry of Oil has issued formal requests to the operators, emphasizing the need to reach this production target promptly. The specific fields involved have not been publicly disclosed, but the initiative is part of a broader strategy to bolster Iraq's position as a significant oil producer and exporter. The potential reopening of the Strait of Hormuz, if realized, could significantly ease supply concerns and influence global oil prices. Iraq's proactive measure to ramp up production suggests an anticipation of increased demand and a desire to capitalize on any stabilization in the region. The Ministry of Oil's communication underscores the urgency of the situation and the strategic importance of these oil fields to the national economy.