Iraq Orders Major Oil Fields to Raise Output Above 3M Barrels Daily After US-Iran Deal

According to Bloomberg, Iraq's state oil company has ordered five major oil fields to raise production above 3 million barrels per day following the US-Iran agreement aimed at reopening the Strait of Hormuz. A June 19 document shows Basra Oil Company directed operators of the Rumaila, West Qurna-1, West Qurna-2, Zubair, and Artawi fields to increase output to maximum available capacity. Iraqi Oil Ministry spokesman Salim Al-Rikabi said production recovery would be gradual, depending on operational conditions and buyers' capacity to arrange tanker loadings.
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