Shafaq News- Washington

Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait have cut oil production by a combined 6.7 million barrels per day, about one-third of their total output, Bloomberg reported on Tuesday.

According to the data, Saudi Arabia reduced production by 2 million to 2.5 million barrels daily, while Iraq implemented the largest cut, lowering output by roughly 2.9 million barrels per day. The UAE trimmed production by 500,000 to 800,000 barrels, and Kuwait by around 500,000 barrels per day.

The cuts came as Iran’s Islamic Revolutionary Guard Corps (IRGC) declared it has “full control” over the chokepoint, while ship-tracking services showed dozens of tankers idling on both sides. The Strait of Hormuz handles roughly 4.5% of total global trade annually. Oil prices jumped more than 20% on Monday to their highest levels since July 2022, as tensions escalate and concerns mount over potential disruptions to energy supplies and shipping through the waterway.

Read more: Iraq’s lifeline under pressure: US-Iran war reshapes Baghdad’s calculus