Middle East countries cut oil output amid Strait of Hormuz shipping halt

Countries in the Middle East are continuing to reduce oil production amid the near-complete halt of shipping in the Strait of Hormuz and the filling of storage facilities, Bloomberg says, citing sources.

Saudi Arabia has reduced production by 2–2.5 million barrels per day, while the United Arab Emirates cut output by 500,000–800,000 barrels per day. Kuwait lowered production by about 500,000 barrels per day, and Iraq by approximately 2.9 million barrels per day.

In relative terms, the largest reduction has been recorded in Iraq. Meanwhile, the cuts in Saudi Arabia, the UAE, and Kuwait amount to about 20–25% of their production levels recorded in February.