Gulf States/Economy/Saudi Arabia cuts oil production as Strait of Hormuz traffic stops

Saudi Arabia cuts oil production as Strait of Hormuz traffic stops

Mar 13, 202623 sources

place:hormuz

Summary

Traffic through the Strait of Hormuz, a critical waterway for global oil shipments, has collapsed. This has caused global oil prices to rise.

In response, Saudi Arabia has started to cut its oil production. The state oil company, Saudi Aramco, is making the cuts because the closure of the strait has filled up its storage facilities. Saudi Arabia has also offered rare spot crude oil cargoes for sale.

Source Headlines

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