PANews reported on March 3 that Iraqi oil officials said that due to the easing of tensions in the Strait of Hormuz and the resulting full capacity of storage facilities due to tanker arrivals, Iraq's Rumaila oil field has reduced crude oil production, cutting daily output by 700,000 barrels on Tuesday.

The Rumaila oil field, located west of Basra in southern Iraq, is Iraq's largest and the world's fourth-largest oil field. It has recoverable crude oil reserves of approximately 17 billion barrels.