16:20 - 10.03.2026

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March 10, Fineko/abc.az. Iraq, Kuwait, the UAE and Saudi Arabia have jointly reduced oil production by 6.7 million b/d.

ABC.AZ informs, referring to Bloomberg’s sources, that this is about a third of their overall production and around 6% of global supplies.

According to the agency, Iraq lowered production by 2.9 million b/d, Saudi Arabia by 2-2.5 million b/d, the UAE by 500,000-800,000 b/d, Kuwait by nearly 500,000 b/d.

For Saudi Arabia, the UAE and Kuwait, the drop was 20-25% from the level of February 2026.

The reason is the de facto closure of the Strait of Hormuz, through which close to 20% of global oil exports pass. Due to the impossibility of marine supplies, storage tanks overflowed, which forced the countries of the region to reduce production and processing.