Announcement of Production Adjustment Saudi Arabia has begun implementing significant reductions to its crude oil output, a move confirmed by industry sources and reported by international news agencies. According to a person familiar with the matter, the kingdom has started cutting production as the near-blockage of the critical Strait of Hormuz begins to fill storage tanks [1]. The unilateral action was taken independently of any agreement among OPEC and its allies. This reduction in output follows a series of attacks on Gulf energy infrastructure linked to the ongoing conflict between Iran and a U.S.-Israeli coalition. On March 2, a drone strike…
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