Oil Crisis: Saudi Arabia Cuts Production, Prices Soar

0:00On March 9, Saudi Arabia has started cutting oil production at key fields run by Aramco, joining other Gulf nations hit hard by the U.S. and Israeli, conflict with Iran. Ship traffic in the region has ground to a halt, pushing crude prices up nearly 30 percent on Monday to $119 a barrel. Meanwhile, Iraq's slash output at its southern fields by 70 percent to 1.3 million barrels per day, while Kuwait, Qatar, and the United Arab Emirates have also reduced supplies as storage tanks fill up fast. World leaders are filling the pinch too. With G7 finance ministers weighing a release from emergency oil reserves, totaling over 1.8 billion barrels through the international energy agency. Analysts say the war has already trimmed global supplies by 200 million barrels in just 10 days. Adding to the tension, Iran named Hardliner Moshtaba Khamenei as its new supreme leader after his father's death, dashing hopes for a quick truce. Countries worldwide are scrambling,

1:03a top U.S. Senator, once sales from the Strategic Petroleum Reserve, Japan is prepping its stockpiles and South. Korea imposed fuel price caps for the first time in nearly 30 years. Hundreds of tankers now idle near the straight of Hormuz as threats keep route shed down, and even potential U.S. warships might not make it safe. Enough. Energy markets stay on edge with these cuts rippling worldwide.