Kuwait cuts crude output over Hormuz disruptions
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Kuwait Petroleum Corporation said it reduced crude production following disruptions to navigation in the Strait of Hormuz, a key route for global energy flows.
Chief executive Sheikh Nawaf Saud Naser Al-Sabah said there is no viable alternative to the waterway, describing it as central to the global economy. He made the remarks during a videoconference at the CERAWeek conference in Houston.
He said attacks on oil facilities in Kuwait and across the region were unjustified and warned they pose a threat to global energy market stability.
Al-Sabah added that alternative pipelines and strategic reserves cannot match normal export volumes through the strait.
He said production could recover relatively quickly if the conflict ends, with full capacity expected within four months.