Saudi Arabia cuts oil output to lowest this year on Houthi threats
Rebels announced ‘maritime embargo’ against kingdom’s exports in July, forcing world’s biggest exporter to cut production
Source: Financial Times
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DW NOTE
Saudi Arabia is cutting production because Houthi attacks have made it too dangerous to export through the Red Sea — not because OPEC decided to. The kingdom has lost market access, not market discipline. When your biggest exporter can't safely ship oil and the Strait of Hormuz has been effectively closed for 195 days, $101 crude isn't a supply management success story. It's a blockade.