Middle Eastern countries report reductions in oil production

Bloomberg News reported that several Middle Eastern nations have implemented significant cuts to their daily oil production to address market volatility. Saudi Arabia reportedly reduced output by 2 to 2.5 million barrels per day, while the United Arab Emirates lowered production by 500,000 to 800,000 barrels per day. Additionally, Kuwait decreased output by 500,000 barrels per day, and Iraq reduced its production by approximately 2.9 million barrels per day. These measures are reportedly aimed at stabilizing global oil prices amid uncertain demand. The report cited anonymous sources familiar with the matter. Reuters noted that these figures have not been independently verified as of yet. Official confirmation from the respective governments remains pending.