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OfficialShipping, energy & marketsWashington, D.C., United States

EIA says Middle East producers have cut output by more than 11 million barrels a day

Mountain Time
Local time
3:20 PM in New York
Where
Washington, D.C., United States

The U.S. Energy Information Administration said Middle East oil producers had cut output by more than 11 million barrels a day with the Strait of Hormuz blocked, lowered its forecast so that global demand this year is 1.1 million barrels a day below last year, and said OECD oil inventories were expected to fall to their lowest since 2003.

Why it matters

The figures put a size on the supply loss behind the price swings driven by deal headlines, which Shell's chief executive called unprecedented the next day.

Source

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