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<Commodity>UAE, Kuwait Announce Oil Output Cuts; Iran's Southern Oil Region Reportedly Cuts Output by 3M bpd
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Several Mideast countries are reducing oil production due to disruptions in oil transportation through the Strait of Hormuz, involving OPEC's second, third, and fifth largest oil producers: Iraq, UAE, and Kuwait. The output from three major oil fields in southern Iraq decreased to 1.3 million bpd, a 70% reduction from the pre-conflict level of 4.3 million bpd in Iran, Reuters reported. Abu Dhabi National Oil Company of the UAE stated last Saturday (7th) that it is carefully managing offshore production levels to address storage space issues. On the same day, Kuwait National Petroleum Company also announced a reduction in oil and refining output due to threats posed by Iran to the safe passage of ships through the Strait of Hormuz, although it did not disclose the extent of the cuts. AASTOCKS Financial News Website: www.aastocks.com |
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