Saudi Arabia reportedly cuts oil output 20% to 8 million bpd amid Iran war
- Posted on March 13, 2026
- By Business News Today
- 4 Views
Saudi Arabia reportedly cuts oil output 20% to 8 million bpd amid Iran war
Middle East Gulf oil producers have had to shut vast volumes of production due to the blocking of the Strait of Hormuz, a narrow waterway between Iran and Oman, since the U.S. and Israel began airstrikes on Iran on February 28. Iran has said the world should prepare for oil prices at $200 a barrel.
