The Strait of Hormuz closure is forcing Gulf nations to slash oil production as storage tanks fill. Saudi Arabia, UAE, Kuwait, and Iraq have significantly reduced output, with Iraq facing an imminent shutdown. Alternative routes are insufficient, raising fears of a total production halt and impacting global oil prices. The Strait of Hormuz closure is forcing Gulf nations to slash oil production as storage tanks fill. Saudi Arabia, UAE, Kuwait, and Iraq have significantly reduced output, with Iraq facing an imminent shutdown. Alternative routes are insufficient, raising fears of a total production halt and impacting global oil prices.
