Saudi Arabia, Iraq, UAE, Kuwait implement reductions in daily oil output

Saudi Arabia has curtailed its crude oil production by an estimated 2 million to 2.5 million barrels per day, while the UAE has reduced output by approximately 500,000 to 800,000 barrels daily, Bloomberg reported.

Citing informed sources, the report further revealed that Kuwait has lowered its production by 500,000 barrels per day, with Iraq implementing substantial cuts reaching around 2.9 million barrels per day.