Kuwait Petroleum Corporation Cuts Oil Production Amid Strait of Hormuz Tensions

KUWAIT CITY, Mar 24: Kuwait Petroleum Corporation CEO Sheikh Nawaf Saud Nasser Al-Sabah said the corporation was forced to reduce crude oil production due to attacks targeting free navigation in the Strait of Hormuz, describing the waterway as “a major artery for the global economy.”

Speaking via video conference at the CERAWeek energy conference in Houston, Texas, Sheikh Nawaf condemned attacks on oil refineries in Kuwait and the region, calling them unjustified and illegal. He warned that such strikes represent a “dangerous escalation” with far-reaching effects on global energy market stability, noting that alternative pipelines and strategic reserves are only “a drop in the ocean” compared with normal exports.

He added that production could resume quickly once hostilities end, with full output expected within three to four months, and emphasized that attacks on Gulf oil facilities threaten not only regional stability but the international economy.