Kuwait Cuts Oil Production Due to Turmoil in Strait of Hormuz

Istanbul (ANTARA) - Kuwait Petroleum Corporation announced on Tuesday that it has reduced crude oil production following shipping disruptions in the Strait of Hormuz.

“We have been forced to cut production due to the insecurity of shipping routes in that strategic waterway; this situation represents a serious escalation threatening the stability of the global energy market,” according to the company’s statement.

The company also assured that production could resume “relatively quickly” if the Iran war ends and could reach full capacity within 3-4 months, but did not disclose the new production level.

On 10 March, Kuwait cut its oil production to around 500,000 barrels per day, a sharp drop from more than 3 million barrels per day before the US-Iran war broke out.

Following US and Israeli attacks on Iran, the Strait of Hormuz has experienced shipping disruptions since early March. That route has been a strategic shipping lane for around 20 million barrels of oil daily, and the disruptions have increased shipping costs and driven global oil prices to soar.

The regional escalation has continued to rage since the US and Israel launched a joint attack on Iran on 28 February, which has so far killed more than 1,340 people, including the then Supreme Leader, Ali Khamenei.

Tehran retaliated with drone and missile attacks targeting Israel, as well as Jordan, Iraq, and Gulf countries hosting US military assets, causing casualties and infrastructure damage while disrupting global markets and aviation.

Source: Anadolu