HORMUZ HALT FORCES OPEC+ TO CUT OUTPUT The near-closure of the Strait of Hormuz has forced Saudi Arabia, UAE, Bahrain, Iraq, and Kuwait to cut crude production, taking roughly 6.2–6.9mn b/d offline due to storage limits and blocked exports. 🔸Saudi Arabia shut offshore fields (Safaniya, Marjan, Zuluf, Abu Safa), cutting 2–2.5mn b/d; using Yanbu and the East-West pipeline as alternatives. 🔸Iraq cut output from 4.42mn b/d in February to 1.2–1.3mn b/d, redirecting crude to domestic refineries; northern pipeline to Turkey also closed. 🔸Kuwait reduced production from 2.59mn b/d to around 2mn, may drop to 1.5mn b/d; refineries operating at ~50% capacity. 🔸UAE lowered production to 2.7–3mn b/d, partially diverting crude via Adcop pipeline (1.7–1.8mn b/d) and domestic refining. 🔸Bahrain declared force majeure after refinery attack. The disruptions have pushed Brent crude above $100/bbl, reflecting the loss of major Middle East Gulf supply.(*Walter Bloomberg)