Gulf states production cuts force oil over $100
The effective closure of the Strait of Hormuz is forcing the major oil and gas producers in the Gulf to cut production as storage facilities fill up – pushing oil and gas to prices not seen since the pandemic
OPEC QUOTAS
(million barrels/day)
Iraq
4.3
Kuwait
2.6
Saudi Arabia
10.2
UAE
3.4
0.8
OMAN
DAYS UNTIL STORAGE FILLED
Iraq
Kuwait
UAE
UAE*
Qatar
Saudi Arabia*
6
14
16
19
20
65 days from start of war
*Pipelines can bypass Hormuz
IRAN
SAUDI ARABIA
IRAQ
QATAR
UAE
Oman
KUWAIT
Strait of Hormuz
CRUDE OIL PRICES
(Brent futures)
$ per barrel
50
75
100
$125
Jun 2022: Pandemic – crude futures pass $123/barrel 
Mar 9, 2026: Crude hits $110/barrel
2022 
2023
2024
2025
2026
Sources: OPEC, Bloomberg, Reuters
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