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Kuwait has begun cutting production at some oil fields, WSJ reports
Kuwait Petroleum Corporation cut oil production and refining as storage fills due to halted tanker traffic through the Strait of Hormuz amid Iranian threats.
- Kuwait Petroleum Corp. has started reducing oil production by about 100,000 barrels a day due to Iranian threats against safe passage through the Strait of Hormuz, with plans to increase cuts depending on storage levels and the strait's status.
- The United Arab Emirates is managing offshore production and using export routes that bypass the Strait of Hormuz, such as a pipeline to Fujairah, to maintain supply while onshore operations continue normally.
- Other Gulf countries, including Iraq, Saudi Arabia, and Qatar, have cut energy output or closed facilities following regional threats and attacks, contributing to global supply disruptions and rising oil prices.
- Kuwait declared force majeure on oil and refinery product sales due to circumstances beyond its control, as storage tanks fill up and refinery processing rates are lowered amid near-closure of shipping through the Strait of Hormuz.
41 Articles
41 Articles
The closure of the world oil highway, the Strait of Ormuz, is the worst scenario ever envisaged by economists, but the world economy has already managed to pass through several major oil crises without too much harm.
A top energy expert details why he thinks global energy markets can withstand surging oil prices
David McNew/Getty ImagesOil prices have spiked above $100 per barrel, causing fear in markets. Energy economist Daniel Yergin thinks the global economy is robust enough to withstand the latest shock.He said the disruption is historic, but the energy market is more diversified than in the past. The US-Iran war has caused a significant disruption in the global oil market, sending prices to $100 per barrel, but one top energy expert thinks the worl…
Looks Like the Economy Is Hitting a "Nightmare Scenario"
Tankers in the Strait of Hormuz have ground to a halt, cutting off much of the world from vital oil supplies due to the United States’ war on Iran. Dwindling supplies and cut output by oil producers are sending rippling effects across global markets. As S&P Global vice chair Daniel Yergin argued in a Financial Times essay, it’s looking like a “nightmare scenario” is now unfolding as skyrocketing oil prices “send the world economy plummeting into…
The soaring oil price will lead to higher costs at Swedish pumps already this week. But oil is the bedrock of the entire global economy and the disruptions could eventually lead to everything from higher inflation and rising interest rates to a declining economy. – A total stop from the Gulf is the nightmare scenario that has been practiced for decades, says analyst Samuel Ciszuk.
For over a week, the street of Hormus has been closed, and no end in sight. The decade-feared nightmare scenario is becoming more and more a reality.
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