Reports say Saudi Arabia has started cutting production, but analysts say it's just a reallocation of supply.

Odaily Planet Daily reported that, according to foreign media, sources say that due to the nearly blockade of the Strait of Hormuz and the rapid filling of oil storage facilities, Saudi Arabia has begun to reduce oil production. Saudi state-owned company Saudi Aramco declined to comment. Saudi Arabia’s daily oil production is about 10 million barrels, with approximately 7 million barrels used for export. Saudi Aramco has shifted some crude oil shipments from the usual route through the Strait of Hormuz to the Red Sea port of Yanbu, but pipeline capacity is insufficient to fully replace the original export scale. Energy intelligence group journalist Amena Bakr commented on the news, stating that the information is not accurate; the production reduction occurred in fields that do not produce Arab light crude and cannot export through Yanbu port. In fact, it is a reallocation of supply rather than a cut in production, and Saudi Aramco is also exporting from storage facilities outside of Saudi Arabia. (Jin10)