HERE'S THE LATEST ON OIL: Saudi Arabia, UAE, Kuwait, and Iraq cut oil out by 6.7 million barrels per day. That’s roughly 33% of their combined output and about 6% of global oil production. The reason is simple: They’re running out of storage. With the Strait of Hormuz effectively closed, Gulf producers are struggling to ship oil to global markets. Tanker traffic has collapsed, exports are stalled, and storage facilities are quickly filling up. When producers can’t move oil out, the only option is to slow down production at the source. And it's not just the Gulf countries: 1. Japan has ordered all 10 national oil storage bases to prepare for emergency releases. 2. Vietnam urges people to work from home due to fuel shortages. 3. Qatar has halted LNG production at Ras Laffan. Unless the Strait of Hormuz opens, oil prices will continue to trend upwards.