Baghdad: An economic expert says Iraq has made the largest reduction in oil production globally. Economic expert Nabil Al-Marsoumi confirmed that Iraq has made the largest reduction in oil production globally as a result of the war and the closure of the Strait of Hormuz.

According to National Iraqi News Agency, Al-Marsoumi revealed through social media that Iraq has reduced its oil production by approximately 2.9 million barrels per day. This reduction surpasses those made by other Gulf countries, with Saudi Arabia cutting its production by between 2 and 2.5 million barrels per day. The United Arab Emirates reduced its output by around 800,000 to 900,000 barrels per day, and Kuwait by approximately 500,000 barrels per day.

He explained that the combined total reduction for these Gulf countries amounts to around 6.7 million barrels per day. This figure represents about one-third of their oil production and accounts for approximately 6% of the global oil supply.

Al-Marsoumi added that despite these significant reductions in production, oil prices have dropped to below $90 per barrel. This price decline followed a request by the G7 for the International Energy Agency to prepare plans for releasing emergency oil reserves, aiming to address the supply crisis and curb rising prices.

He further pointed out that member countries of the International Energy Agency currently possess about 1.2 billion barrels of general emergency oil reserves. Additionally, there are another 600 million barrels of industrial stocks held by companies under government commitments.