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The Economic Times

Top News / The Economic Times

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Saudi Arabia reportedly cuts oil output 20% to 8 million bpd amid Iran war

Middle East Gulf oil producers have had to shut vast volumes of production due to the blocking of the Strait of Hormuz, a narrow waterway between Iran and Oman, since the U.S. and Israel began airstrikes on Iran on February 28. Iran has said the world should prepare for oil prices at $200 a barrel.

13 Mar 2026 7:18 pm