Market News
Mideast Oil Output Seen Dropping by 9 Million Barrels a Day - BLOOMBERG
BY Will Kubzansky
(Bloomberg) -- More than 9 million barrels a day of oil production from key Middle Eastern countries are expected to be shut in during April, according to estimates from the US government, as the war in Iran upends global energy markets.
Iraq, Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Bahrain have collectively reduced 7.5 million barrels per day of crude production in March, according to estimates from the US Energy Information Administration’s Short-Term Energy Outlook. That number is set to reach 9.1 million barrels a day in April, the agency estimated.
