US EditionSaudi Arabia cuts oil output, IEA considers stocks release
Saudi Aramco has cut production at Safaniya and Zuluf fields, removing 2 million barrels per day amid tanker traffic halts through the Strait of Hormuz, pushing oil prices above $100.
- 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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Saudi Aramco, the world's largest oil exporter, reported a net profit of nearly $93.4 billion last year, down 12.1 percent from a year earlier, the company said in its earnings report on Tuesday. The company will start buying back its own shares for the first time, but warned that if the Strait of Hormuz does not return to normal due to the conflict with Iran, it will have catastrophic consequences for the global oil market.
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