Saudi Arabia leads major output reduction
Saudi Arabia reduced oil production by 2 to 2.5 million barrels per day, according to Bloomberg News. The move comes amid heightened global energy market pressures and uncertainty in demand.
UAE, Kuwait, and Iraq follow suit
The United Arab Emirates cut output by 500,000 to 800,000 barrels per day. Kuwait lowered production by 500,000 barrels per day, while Iraq reduced its output by approximately 2.9 million barrels per day. These coordinated reductions aim to stabilise oil prices in the face of fluctuating global demand.
Verification pending
Bloomberg cited sources familiar with the matter. Reuters has not independently verified the figures as of now, leaving official confirmation pending.
Source: CNA
Also read: European stocks fall to their lowest level in two months
For more videos and updates, check out our YouTube channel
