IRAQ OIL OUTPUT COLLAPSES AMID HORMUZ DISRUPTION Iraq has slashed oil production by about 80%—down to roughly 800,000 barrels per day—as storage fills and exports through the Strait of Hormuz remain blocked by conflict. Baghdad has ordered further cuts, instructing majors like BP and Eni to reduce output at key southern fields. Officials warn production could fall even more if disruptions persist.(*Walter Bloomberg)