RE: Target price13 Mar 2026 13:31
SAUDI ARABIA SLASHES OIL OUTPUT AMID HORMUZ DISRUPTION
Saudi Arabia has cut oil production by about 20% to roughly 8 million barrels per day after shutting two major offshore fields during the regional conflict, sources told Reuters.
The cuts follow the disruption of shipping through the Strait of Hormuz after U.S. and Israeli strikes on Iran. The shutdown of the Safaniya and Zuluf fields—together producing over 2 million bpd—drove the decline.
State oil giant Saudi Aramco declined to comment.
According to the International Energy Agency, Gulf producers including Iraq, Qatar, Kuwait, the United Arab Emirates and Saudi Arabia have collectively cut at least 10 million bpd, with further losses likely if shipping disruptions continue.