Iraq's cut is the biggest among OPEC countries, bigger than Saudi Arabia or the U.A.E., and now global supply is down by about 6%.
With exports way down and storage tanks filling up fast, A parliamentarian estimated losses of about $128 million per day based on Iraq's domestic oil price and his production estimate.
An Iraqi oil ministry official called it a serious operational threat.
The closure has stranded millions of barrels at sea and could undermine surplus hopes for 2026, reminding us how quickly global events can shake up energy markets and economies.