Iran Cuts Oil Production Amid US Naval Blockade

Bloomberg claims that Iran has allegedly begun cutting oil production amid the US naval blockade. This was reported by RIA Novosti.

"According to a senior official... Tehran is preemptively cutting oil production to prevent reaching storage capacity limits, rather than waiting for tanks to fill completely," the agency's report states.

The agency does not specify the country from which the official is citing this statement.

According to Bloomberg, Iranian engineers are capable of shutting down wells and quickly resuming production without causing significant damage.