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Oil Market Chaos Set to Deepen as More Gulf Giants Cut Output

Bloomberg · last updated

The chaos that has gripped the oil market looks set to deepen, with more production gets cut as the war in Iran effecitvely shuts the Strait of Hormuz, and the US considers widening its range of targets in the country.

The United Arab Emirates and Kuwait have already started reducing oil production as storage runs out, joining Iraq, whose output is now down 60%. Others may be forced to follow as oil tankers continue avoiding the narrow waterway, rapidly reducing the number of empty ones available for loading. Once all the vessels are loaded, the region’s remaining on-land storage will fill even quicker.

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