Iraq's oil ministry confirmed production has fallen to 1.3 million barrels per day — down from ~3.3 million bpd before the war, a drop of nearly 60%. The disruption adds to the ~20% global oil and gas supply shock already caused by damaged Iranian facilities and Hormuz shipping risk. Economists and central bankers warn the inflation shock could derail global economic recovery for months. Sources: Anadolu Agency, The Guardian (Mar 8, 2026).