Kuwait Petroleum declares major cuts and reduces production amid US-Iran tensions

Kuwait Petroleum Corporation (KPC) announced on Saturday the reduction of oil production and declared a major force, following the conflict between the United States and Iran, which has led to the blocking of energy transports from the Middle East for the eighth consecutive day. This decision comes against the backdrop of reduced oil and gas production by other countries in the region, such as Iraq and Qatar.

The war has affected the Strait of Hormuz, a crucial route for global oil deliveries, with estimates suggesting that the United Arab Emirates and Saudi Arabia may also be forced to cut their production. KPC did not specify the volume of the reduction but mentioned that this is a precautionary measure, intending to reassess the situation as the conflict evolves. The company cited Iran's threats to maritime security and attacks on Kuwait as reasons for this decision. KPC is a major exporter of naphtha and aviation fuel, and the conflict has extended tensions beyond Iran's borders, affecting regional stability.