Oil market chaos to deepen as more Gulf giants cut output

March 8, 2026

Bloomberg: The United Arab Emirates and Kuwait have already started reducing oil production as storage runs out, joining Iraq, whose output is now down about 60%. Others may be forced to follow as oil tankers continue avoiding the narrow Strait of Hormuz, rapidly reducing the number of empty ones available for loading. Once all the vessels are taken, the region’s remaining on-land storage will fill even quicker…