NextFin News -- The United Arab Emirates' daily oil production has been cut by more than half, as the ongoing conflict with Iran and the near-total closure of the Strait of Hormuz forced ADNOC, the state oil giant, to implement widespread production shutdowns, according to Reuters. The suspension of commercial shipping through this vital maritime chokepoint, which handles around 20% of the world’s oil exports, has caused significant disruptions to global energy markets. Earlier on Monday, ADNOC suspended oil loading operations at the UAE's Fujairah port, a key oil storage and bunkering hub, after a drone strike. The operations at the port had only resumed the day before, following a separate attack over the weekend. In January, the UAE's oil production was just under 3.4 million barrels per day, accounting for over 3% of global demand, according to sources reporting to the Organization of the Petroleum Exporting Countries (OPEC), where the UAE ranks as the third-largest producer.