Saudi Arabia has started reducing oil production as the crucial Strait of Hormuz chokepoint remains at a near-standstill, even as the kingdom rushes to boosts exports through an alternative route.
The information on the Saudi cuts, which comes from a person familiar with the operations, follows reductions by other OPEC nations including the United Arab Emirates, Kuwait and Iraq. Analysts estimate Saudi Arabia has larger storage capacity than some of its neighbors, indicating the kingdom may be pre-emptively lowering output to keep oil fields running for longer without having to completely shut them down.
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