Back to today’s briefing

Story perspectives

Saudi Oil Output Plummets Amid Iran Tensions, Prices Soar

3/13/2026

24 3

Summary

Story summary

Saudi Arabia cut oil production by about 2 million bpd, bringing output to about 8 million bpd.
The decline follows tensions with the Islamic Republic of Iran (Iran) and shutdown of two offshore fields.
Shipping through the Strait of Hormuz remains disrupted by U.S. and Israeli airstrikes on Iran.
The International Energy Agency says Gulf producers have cut 10 million bpd, with Iran warning prices could reach $200 per barrel.

1 of 1

Story summary

Saudi Arabia cut oil production by about 2 million bpd, bringing output to about 8 million bpd.
The decline follows tensions with the Islamic Republic of Iran (Iran) and shutdown of two offshore fields.
Shipping through the Strait of Hormuz remains disrupted by U.S. and Israeli airstrikes on Iran.
The International Energy Agency says Gulf producers have cut 10 million bpd, with Iran warning prices could reach $200 per barrel.