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Saudi Arabia cuts oil output, IEA considers stocks release
Saudi Aramco cut output at two fields and rerouted exports via Red Sea pipelines as Strait of Hormuz closure raised crude prices above $100, impacting global supply.
- On Monday, March 9, 2026, Saudi Aramco began cutting output at two oilfields, Reuters reported, while crude prices jumped nearly 30% to $119 a barrel.
- With hundreds of tankers sitting idle, the effective closure of the Strait of Hormuz amid the U.S.-Israeli war on Iran has slowed shipping sharply.
- Saudi Aramco has shut Safaniya and Zuluf, taking 2 million barrels per day offline, rerouted crude via the Saudi East-West pipeline to Yanbu, and offered roughly 4.6 million barrels in tenders.
- The International Energy Agency and G7 countries are weighing emergency releases from strategic stocks, with the IEA holding over 1.2 billion barrels and Japan preparing for a possible crude release.
- Analysts say recent fighting has already removed large volumes from the market, with the Iran war cutting supply by 200 million barrels in 10 days and Iraq's southern fields plunging 70% to about 1.3 million barrels per day as regional storage tanks near capacity.
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26 Articles
26 Articles
Times of IndiaReposted by 
The Economic Times
The Economic TimesSaudi starts cutting oil production
Saudi Arabia is reducing oil output as the Strait of Hormuz faces a near-blockage. Storage tanks are filling up. Other nations like UAE, Kuwait, and Iraq are also lowering production. This move aims to prevent overwhelming storage and a complete halt in oil exports. The conflict in West Asia has severely impacted maritime traffic through the Strait.
·India
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Saudi Arabia Starts Reducing Oil Production As Hormuz Closure Fills Storage
Saudi Arabia has started reducing oil production as the near-blockage of the critical Strait of Hormuz starts filling storage tanks, according to a person familiar with the matter, even as it rushes to reroute some supplies through the Red Sea.
·New Delhi, India
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Several neighbors of Saudi Arabia, who were also victims of attacks, reduced production
·Brazil
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Total News Sources26
Leaning Left3Leaning Right5Center4Last UpdatedBias Distribution42% Right
Bias Distribution
- 42% of the sources lean Right
42% Right
L 25%
C 33%
R 42%
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