Kuwait Cuts Oil Output Amid Ongoing Tensions With Iran

Kuwait has taken a precautionary measure to reduce its crude oil production and refining throughput due to ongoing attacks by Iran against the country and the closure of the Strait of Hormuz. The move is part of Kuwait Petroleum Corporation's (KPC) risk management and business continuity strategy.

The reduction in output was implemented after 'Iranian threats to safe passage of ships through the Strait of Hormuz,' according to KPC. However, the national oil company did not disclose the exact amount of output that has been reduced.

Kuwait produced around 2.6 million barrels per day of crude oil in February. The adjustment is strictly precautionary and will be reviewed as the situation develops. KPC remains ready to restore production levels once conditions allow.