[Iraq's Largest Oil Field Reduces Daily Output by 700,000 Barrels] Iraqi oil officials stated: Due to tensions in the Strait of Hormuz delaying the arrival of oil tankers and causing storage facilities to reach capacity, Iraq's Rumaila oil field has cut crude oil production. On Tuesday, the oil field reduced its daily output by 700,000 barrels. The Rumaila oil field, located west of Basra in southern Iraq, is the largest oil field in Iraq and the fourth largest in the world. The field has an estimated recoverable crude oil reserve of approximately 17 billion barrels.