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Saudi Arabia, UAE, Iraq, Kuwait Reportedly Cut Oil Output by Up to 6.7M bpd
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Owing to the virtual stagnation of the Hormuz Strait, the reduction in Mideast oil production is amplifying, Bloomberg reported, quoting people familiar with the matter. Saudi Arabia's oil production decreased by 2-2.5 million bpd; the UAE by 500,000-800,000 bpd; Kuwait by approximately 500,000 bpd; and Iraq by approximately 2.9 million bpd. The total reduction was about 6.7 million bpd. Following the latest news of production cuts from Gulf countries, international oil prices appeared to have little changed, with Brent oil futures and New York oil futures last down over 8%. AASTOCKS Financial News Website: www.aastocks.com |
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