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Saudi Arabia cuts oil output, IEA considers stocks release
Saudi Aramco is cutting output at two fields and rerouting crude to the Red Sea as export bottlenecks fill storage amid escalating regional conflict, sources said.
- Saudi Arabia's Aramco has begun cutting output at two oilfields as shipments continue to be blocked due to the Iran war.
- G7 finance ministers discussed releasing emergency oil stocks, with a final decision possible later this week from the G7 country leaders.
- Iraq has cut output at its main southern oilfields by 70% to 1.3 million barrels per day , while Kuwait has begun cutting output and declared force majeure.
22 Articles
22 Articles
Times of India
The Economic TimesSaudi starts cutting oil production
Saudi Arabia is reducing oil output as the Strait of Hormuz faces a near-blockage. Storage tanks are filling up. Other nations like UAE, Kuwait, and Iraq are also lowering production. This move aims to prevent overwhelming storage and a complete halt in oil exports. The conflict in West Asia has severely impacted maritime traffic through the Strait.
Saudi Arabia Starts Reducing Oil Production As Hormuz Closure Fills Storage
Saudi Arabia has started reducing oil production as the near-blockage of the critical Strait of Hormuz starts filling storage tanks, according to a person familiar with the matter, even as it rushes to reroute some supplies through the Red Sea.
Several neighbors of Saudi Arabia, who were also victims of attacks, reduced production
Saudi Arabia cuts oil output, IEA considers stocks release
Saudi Arabia began oil output cuts, becoming the latest Gulf producer impacted by the U.S. and Israeli war on Iran that has halted ship traffic in the region, sending crude prices up nearly 30% on Monday to $119 a barrel and prompting G7 countries to consider releasing emergency oil stocks.
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