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Kuwait National Petroleum Company Announces Production Cut
Kuwait National Petroleum Company announced on the 7th that due to factors such as threats to the safety of ships passing through the Strait of Hormuz caused by the US-Iran conflict, shortages of ships transporting crude oil and refined products, and other issues, the company has experienced a force majeure event. It has begun reducing crude oil production and refining capacity. The company has not disclosed the specific scale of the reduction but stated that this is a preventive measure, and adjustments will be made based on the development of the situation. They are also prepared to restore production capacity when conditions allow. (CCTV News)