Four Gulf States Cut Oil Production by 6 Million Barrels per Day

Moscow (ANTARA) - Four Gulf nations, namely Saudi Arabia, the United Arab Emirates (UAE), Kuwait, and Iraq, have reported reducing oil production by at least 6 million barrels per day (bpd).

Saudi Arabia has cut oil production by 2-2.5 million bpd, the UAE by 500,000-800,000 bpd, Kuwait by approximately 500,000 bpd, and Iraq by 2.9 million bpd amid the closure of the Strait of Hormuz, according to a Bloomberg report on Tuesday, citing sources familiar with the matter.

This means the four Gulf nations have collectively reduced oil production by between 5.9 million and 6.7 million bpd.

In January, Saudi Arabia’s oil production was 10.086 million bpd, the UAE’s 3.389 million bpd, Kuwait’s 2.581 million bpd, and Iraq’s 4.157 million bpd, according to the latest data from the Organisation of the Petroleum Exporting Countries (OPEC).

Consequently, the production cuts in the three smaller producing nations represent approximately one-fifth of their total January production, whilst in Iraq the reduction reaches 70 per cent, according to the report.

The reduction in Middle Eastern oil production is caused almost entirely by the blockade of shipments through the Strait of Hormuz, which serves as the primary route for energy exports from Gulf nations, according to the Bloomberg report.