Saudi Arabia Cuts Oil Production by 2 Million Barrels Amid Strait of Hormuz Disruptions

Saudi Arabia has reduced its oil production by about 2 million barrels per day to approximately 8 million bpd following the shutdown of two major offshore fields, Safaniya and Zuluf, amid disruptions linked to the Iran war and the blocking of the Strait of Hormuz. The reduction follows a February production boost intended as a contingency against supply disruptions. Other Gulf countries have also cut production amid ongoing regional tensions, with Iran warning of potential oil prices reaching $200 per barrel.