Report: Saudi Arabia will cut production by 2 million barrels per day in response to the blockade of the Strait of Hormuz.
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Saudi Arabia has lowered its crude oil production by about 2 million barrels per day to around 8 million barrels per day amid blockade at the Strait of Hormuz and disruptions to regional supply chains, further tightening supply expectations in the world’s most critical export region.
According to a