Bloomberg: Arab gulf states countries reduce daily oil production
Middle Eastern countries continue to cut their oil production as the Strait of Hormuz, a vital waterway, remains in a near-standstill, adding to the chaos of energy markets, Bloomberg reported.
In a report based on informed sources who asked not to be identified due to the confidentiality of the information, the agency added that four of the largest producing countries in the region, namely Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.
According to Bloomberg, Saudi Arabia has cut its production by 2 to 2.5 million barrels per day, the UAE has cut production by 500,000 to 800,000 barrels per day, Kuwait has cut production by about half a million barrels per day, and Iraq has cut production by about 2.9 million barrels per day.
Iraq also recorded the largest cuts in terms of percentages, while the cuts in Saudi Arabia, the UAE, and Kuwait account for about 20% to 25% of their production levels for February 2026.
The cuts, the largest concrete response to supplies since the start of the war, represent a reduction of up to a third of the G4’s collective output, contributing to a reduction in global supplies by about 6%.
The war, which has entered its second week and has spread to more than a dozen countries, has forced production cuts due to the effective closure of the main export route, leaving storage tanks full.
Oil prices had risen to around $120 a barrel on Monday due to the lockdowns, though they later eased after US President Donald Trump hinted that the war could soon end.
