Four of the region's major oil-producing countries - Saudi Arabia, Iraq, the United Arab Emirates and Kuwait - have jointly reduced production by 6.7 million barrels per day, Bloomberg reports, citing anonymous sources.
The four countries have thus reduced their oil production by about a third compared with levels before the US and Israel's attack on Iran on February 28 and Iran's subsequent counterattacks across the Middle East.
The price of Brent crude, a global benchmark, surged above $119 per barrel on Monday, the highest level since 2022. By Tuesday's trading, the price had fallen back to $90 per barrel - still just over 50 percent higher since the start of the year.
