Iraq hit the emergency brake on crude oil exports after a drone slammed into a tanker at the Basra terminal, suspending flows across all loading terminals in the country’s oil-rich south.
Southern oil output cratered from roughly 3.3 million barrels per day to around 900,000 b/d, a drop of 60-70% from one of OPEC’s largest producers.
What happened in Basra
Multiple drone and missile strikes were reported across March and April 2026, escalating in frequency and severity as regional tensions involving Iran, the US, and Israel intensified since late February.
Iraqi authorities didn’t stop at Basra. Northern Kirkuk crude production was also suspended as a precautionary measure, even though the attacks have been concentrated in the south.
