US Edition
Saudi Arabia cuts oil output, IEA considers stocks release
Saudi Aramco cut 2 million barrels per day amid Strait of Hormuz closure, causing oil prices to surge above $119 a barrel and prompting global talks on emergency stock releases.
- On Monday, March 9, 2026, Saudi Aramco began cutting output at two oilfields, Reuters reported, while crude prices jumped nearly 30% to $119 a barrel.
- With hundreds of tankers sitting idle, the effective closure of the Strait of Hormuz amid the U.S.-Israeli war on Iran has slowed shipping sharply.
- Saudi Aramco has shut Safaniya and Zuluf, taking 2 million barrels per day offline, rerouted crude via the Saudi East-West pipeline to Yanbu, and offered roughly 4.6 million barrels in tenders.
- The International Energy Agency and G7 countries are weighing emergency releases from strategic stocks, with the IEA holding over 1.2 billion barrels and Japan preparing for a possible crude release.
- Analysts say recent fighting has already removed large volumes from the market, with the Iran war cutting supply by 200 million barrels in 10 days and Iraq's southern fields plunging 70% to about 1.3 million barrels per day as regional storage tanks near capacity.
45 Articles
45 Articles
Aramco reports 2025 profit of USD 104 billion, down from 2024
Dubai: Saudi Arabia’s oil giant Aramco reported 2025 profits of USD 104 billion, down from the year before as the Iran war has seen its fields and facilities targeted. Aramco released its annual results Tuesday, March 10. It planned to brief investors later in the day as the war that began Feb. 28 has seen Iranian drones and missiles target its facilities. Also ReadIndian Embassy in Riyadh assures stable conditions, asks citizens not to panic Ar…
Aramco profit slips to $104 billion as Iran war puts Saudi oil giant in the crosshairs
Aramco released its annual results Tuesday. It planned to brief investors later in the day as the war that began Feb. 28 has seen Iranian drones and missiles target its facilities. Aramco, formally known as the Saudi Arabian Oil Co., reported profits of $110 billion in 2024.
Coverage Details
Bias Distribution
- 42% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
