This should drive oil & gasoline prices big time.
https://finance.yahoo.com/news/iraq-shuts-down-two-oil-06320…
Iraq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day.
The shutdowns curtail the ability of OPEC’s second-largest member to pump crude just as Russia’s invasion of Ukraine and tight supplies globally send prices soaring.
The outages come as many OPEC members, including Iraq, struggle to reach their production quotas, causing global energy markets to tighten as demand recovers from the coronavirus pandemic.
Iraq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day.
While it won’t help matters, that is only a bit more than half a percent of world oil production. It is about the same as that oil field that was temporarily shut down in Kazakhstan last month. (That seems like a long time ago.) Russia produces 20x as much.
DB2