Saudi Arabia cuts oil output by 2 million barrels per day amid Iran war: Reports

Saudi Arabia has cut oil production by two million barrels per day to around eight million bpd after ​reducing output from two major offshore fields, Reuters reported, citing sources. The development came amid disruptions linked to US-Israeli war with Iran and blocking of Strait of Hormuz. Iran has warned that disruption could drive global oil prices as high as $200/barrel.