Khaberni - Navigation data and calculations by "Reuters" showed that the daily oil exports from the Gulf region, which includes Saudi Arabia, the largest crude oil exporter and other major producers, have fallen by at least 60 percent in the week ending on March 15 compared to February levels, due to disturbances and production cuts amid the war between the United States and Israel on one side and Iran on the other.
The effective closure of the Strait of Hormuz, which normally sees about a fifth of the world's oil supplies pass through, has forced exporters to cancel shipments and halt production in oil fields, causing the largest supply disruption ever witnessed globally. As a result, crude oil prices have soared to their highest levels in four years, while the prices for some types of fuel have reached record levels.
The total volume of oil production cuts in Middle Eastern producers has also increased as storage capacities in those countries approach full, at a time when navigation through the Strait of Hormuz still represents only a small fraction of its usual levels.
"Reuters" reported that oil production in the UAE, which used to pump about 3.4 million barrels per day before the conflict, has fallen by more than half. Saudi Arabia has also reduced its production by 20 percent, and Iraq by about 70 percent.
Analysts estimate that the total reduction in crude oil production in the Middle East currently ranges between 7 and 10 million barrels per day.
