Gulf Crisis: Kuwait now announces a reduction in its oil and refining production – The

Kuwait, the fifth largest producer in the Organization of the Petroleum Exporting Countries (OPEC), reduced oil production and refineries following the almost complete cessation of shipping traffic through the Strait of Hormuz, which is the latest in a series of production cuts affecting some of the world’s largest energy producers.

The Kuwait Petroleum Corporation said in a statement that the cuts come in the wake of “the ongoing aggression by the Islamic Republic of Iran against the State of Kuwait, including Iranian threats against the safe passage of ships through the Strait of Hormuz.” The reduction began at about 100,000 barrels per day as of early Saturday, and is expected to nearly triple on Sunday, with further gradual reductions depending on storage levels and the status of Hormuz, said a person familiar with the plan, who requested anonymity because the details are private.(Bloomberg)