Gulf Oil Behemoths Deepen Output Cuts as Hormuz Stays Blocked

The United Arab Emirates and Kuwait reduced oil output further as the effective closure of the Strait of Hormuz increases pressure on major producers with the Iran war stretching into its third week.

The UAE’s production cut has deepened to about 1.5 million barrels a day, from 500,000 to 800,000 a day as of March 10, while Kuwait’s has increased to near 1.3 million a day from half a million about a week ago, people familiar with the matter said, asking not to be identified because the data isn’t public.