Iraq's largest oil field has reduced its daily output by 700,000 barrels.

CoinFeed reported on March 3 that Iraqi oil officials stated that the Rumaila oil field in Iraq has reduced crude oil production by 700,000 barrels per day on Tuesday due to tanker arrivals leading to full storage facilities caused by easing tensions in the Strait of Hormuz. The Rumaila field, located west of Basra in southern Iraq, is Iraq's largest and the world's fourth-largest oil field, with recoverable crude oil reserves of approximately 17 billion barrels.