Saudi Aramco cuts production at two oil fields

 Two informed sources said that the oil giant Saudi Aramco has begun cutting production at two of its oil fields, ​This comes amid the paralysis in the Strait of Hormuz caused by U.S.-Israeli sanctions on Iran and subsequent attacks targeting the strategically vital waterway.            It is not yet clear which two fields are affected by the production cuts, nor the extent of the cuts. Aramco, which has rerouted a number of its crude shipments to the Red Sea port of Yanbu, declined to comment.

The cuts made by the world’s largest oil exporter underscore the severe logistical bottlenecks in the region since the United States and Israel began attacking Iran on February 28, and Tehran responded by launching hundreds of missiles and drones, including at Gulf states hosting U.S. military facilities.

Several countries neighboring Saudi Arabia have cut production as shipping has come to a near-complete standstill in the waterway used to transport nearly one-fifth of the world’s oil and liquefied natural gas flows.

Kuwait Petroleum Corporation cut production and declared force majeure on shipments, while Qatar halted liquefied natural gas production at the massive Ras Laffan export hub following drone attacks and also declared force majeure. Oil production from major fields in southern Iraq has fallen by about 70 percent as storage facilities fill up. Abu Dhabi National Oil Company (ADNOC) has also cut offshore production, while Bapco Energies has declared force majeure.