Gulf Producers Slash Oil Output by 5 Million Bpd

The largest oil producers in the Middle East Gulf have deepened production cuts and are already lowering output by a combined more than 5 million barrels per day (bpd) as the de facto halt to tanker traffic in the Strait of Hormuz has started to affect upstream production. As storage fills and crude has no way out of the Gulf, the top Middle East producers and most influential OPEC members have had to resort to cutting actual oil production. Saudi Arabia has slashed its oil production by between 2 million bpd and 2.5 million…