Saudi Arabia, UAE, Iraq and Kuwait reportedly cut oil output by as much as 6.7mln BPD in total, Bloomberg reports citing sources

The reported cut of up to 6.7 million barrels per day (BPD) in oil output by Saudi Arabia, the UAE, Iraq, and Kuwait represents a significant supply-side action that could tighten global oil markets. This move is likely to support WTI prices amid ongoing concerns about demand dynamics, especially with geopolitical tensions in the region. Traders should monitor how this development influences inflation expectations and potential ramifications for related asset classes.