The United Arab Emirates has seen its daily oil output fall by more than half after the Iran conflict and the effective closure of the Strait of Hormuz forced state oil company ADNOC to halt production.

Axar.az reports, citing Reuters, the UAE produced just under 3.4 million barrels per day in January, or more than 3% of global demand.

Saudi Arabia, OPEC's largest producer, has reduced its output by roughly 20% while Iraq, the group's second-largest member, has cut production by around 70%.

Analysts estimate that total oil output reductions across the Middle East now range from 7 million to 10 million barrels per day, representing 7% to 10% of global demand.