The Oil Ministry has continued to throttle back production at state-run fields with spare capacity, even as Saudi Arabia and Russia prepare to open the taps for a price war.

Petronas withdraws all foreign staff due to COVID-19; Iraq can replace the lost production with spare capacity at other fields.

The Oil Ministry is determined to avoid any impact on production, but the oil sector is being disrupted by both reduced global demand and preventative health measures.

The country faced the worst monthly average oil price in more than two years, overshadowing increased output by both federal and Kurdistan oil sectors.

Crude output remains well below capacity as the Oil Ministry continues to curtail state-operated fields.

Oil production and exports are stable in the short term, with potentially significant supply and demand disruptions if outbreak isn't contained.