Iraq, Saudi Arabia, the UAE, and Kuwait have cut oil production by a third

Four countries of the Middle Eastern region - Iraq, Kuwait, the UAE, and Saudi Arabia - have reduced their combined oil production by 6.7 million barrels per day amid the crisis.

This was reported by Bloomberg agency citing sources.

According to their information, this measure means that the countries have also cut their combined production volume by a third, resulting in a 6% reduction in global oil supplies.

Specifically, Iraq reduced oil production by 2.9 million barrels per day, Saudi Arabia by 2-2.5 million, the UAE by 500-800 thousand, and Kuwait by approximately 500 thousand barrels. According to Bloomberg's calculations, the cuts in Saudi Arabia, the UAE, and Kuwait amount to approximately 20% to 25% of February production levels; Iraq was the most affected by the measure, although the agency does not provide detailed figures.

Middle Eastern countries are trying to manage the oil situation amid the escalation of the conflict in the region. The effective closure of the Strait of Hormuz, through which approximately one-fifth of the world's oil exports pass, has led to the overflow of oil storage facilities, forcing countries to reduce production and refining volumes.