Saudi, UAE, Kuwait, Iraq Cut Oil Production By 6.7 Million Barrels Per Day Amid Global Fuel Concerns
Several major oil-producing countries — Saudi Arabia, United Arab Emirates, Kuwait and Iraq has significantly reduced oil production and output amid the worsening conflict in West Asia. The attack on key energy and oil facilities and the logistic disruptions in Saudi, Kuwait, Iraq and the UAE has forced the closure of several facilities, ceasing cutting oil output, according to a report by Bloomberg.
The reduction of oil production by 6.7 million barrels per day is approximately one -third of the total production from these nations.
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The reduction in the oil production follows the logistic disruptions in the Strait of Hormuz and overflowing storage capacity, has forced the oil firms to reduce the output.
The simultaneous production cuts being the significant contributors to global oil supply, is likely to hit the dependent countries with their combined reduction of up to 6.7 million barrels per day.
