U.S. Energy Secretary: Iran Cuts Oil Output as Exports Collapse

Iran has cut oil production by roughly 400,000 barrels per day (bpd) as exports stall and storage runs out, according to U.S. Energy Secretary Chris Wright. “It looks like they’ve likely already cut back their production, maybe by 400,000 barrels a day,” Wright said in an interview on Thursday. “They’ll likely continue to ramp down their production as their storage fills and their inability to export oil.” The cuts come as a U.S. naval blockade has sharply reduced Iran’s ability to move crude out of the…