Gulf countries, led by Saudi Arabia, have significantly reduced oil production in response to ongoing conflicts involving Iran, with total cuts reaching about 6.7 million barrels per day.
According to Bloomberg, Gulf countries have implemented substantial reductions in oil production amidst the ongoing military conflict with Iran. Saudi Arabia has decreased its output by between 2 and 2.5 million barrels per day, while the UAE has cut its production by about 500,000 to 800,000 barrels. Furthermore, Kuwait and Iraq have also contributed to these cuts, with output reductions of half a million barrels and 2.9 million barrels per day, respectively. Collectively, these cuts amount to an impressive total of approximately 6.7 million barrels per day from these four countries, highlighting the significant impact of geopolitical tensions on global oil supply.
