Reuters: UAE Oil Production Down Over 50%

According to Reuters, the daily oil production of the United Arab Emirates has decreased by more than 50%. This is due to the escalation of the conflict with Iran and the disruption of navigation in the Strait of Hormuz.

The state-owned company ADNOC was forced to undertake extensive production shutdowns. Earlier, ADNOC suspended oil loading operations at the port of Fujairah after a drone attack.

In January, the UAE produced less than 3.4 million barrels per day, an amount equivalent to more than 3% of global demand. Total production cuts in the Middle East range between 7 and 10 million barrels per day.

Saudi Arabia has reduced its production by approximately 20%, while Iraq by approximately 70%.