The Gulf’s biggest oil producers are facing a race against time to resume exports before their storage tanks fill up, with Saudi Arabia estimated to have as little as two weeks before it would have to cut production.
Iraq on Tuesday became the first major exporter to begin reducing output, announcing it was winding down production at three of its largest oilfields.
Further oilfields across the region are poised to shut down over the coming days, taking millions of barrels of crude off the market, unless energy shipments through the Strait of Hormuz are able to resume.
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