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Iraq's oil exports drop by 3M barrels
Iraq's oil exports have declined by between 2.5 and 3 million barrels per day due to unrest in the Gulf following the Iran-Iraq war and the closure of the Strait of Hormuz. The exported quantities remain below normal levels, with a reduction of approximately 5 to 6 million barrels per day instead of the initial forecasts of 12 to 15 million barrels. If this decline persists, it could deplete global oil inventories and increase the risk of rising prices should the disturbances continue.
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