Rapid depletion of oil storage capacity puts Middle East oil-producing countries on the countdown to production cuts.

Oil producers in the Middle East are facing a tense countdown as the Iran war has disrupted the main export arteries in the region, causing oil storage tanks in various countries to quickly fill up. If this situation continues, they will face the threat of forced production cuts. Due to the interruption of shipping in the Strait of Hormuz, Gulf countries are forced to inject oil into storage tanks. Iraq, with limited storage capacity, has been forced to begin large-scale production cuts. JPMorgan Chase warned that Saudi Arabia and other countries, such as the United Arab Emirates, may also need to follow suit in the coming weeks.