Business
Saudi Arabia Starts to Shut Down Some Oilfields
Saudi Arabia has started shutting down some of its oilfields as the disruption in the Strait of Hormuz curbs exports and the kingdom tries to reroute crude via the Red Sea.
Offshore fields such as Safaniya and Zuluf have been preemptively shut down, while output has been significantly lowered in other fields, according to Saudi officials familiar with the matter.
The shutdowns are likely to reduce output by more than 2 million barrels a day but haven’t yet impacted the kingdom’s export levels, they said.