Kuwait Oil CEO Blasts Iran for Holding World's Economy Hostage

Kuwait Oil CEO Sheikh Nawaf Saud Al-Sabah addressed the CERAWeek energy conference in Houston, condemning Iranian attacks on infrastructure across the Middle East Gulf and ships attempting to transit the Strait of Hormuz.

The closure of the strait has led to a significant disruption to global oil and gas supplies, with Kuwait and its neighbors Saudi Arabia, the United Arab Emirates, and Iraq cutting millions of barrels of crude production.

Analysts have termed this disruption the worst in history, pushing oil prices over $100 a barrel. Sheikh Al-Sabah stated that 'this is an attack against not only the Gulf, but it is an attack that is holding the world's economy hostage.'

Kuwait, an OPEC member previously producing around 2.6 million barrels per day of oil, has had to declare force majeure after Iran effectively closed the strait, which handles some 20% of the world’s oil consumption.