Kuwait Petroleum Corporation (Kuwait) and Abu Dhabi National Oil Company (United Arab Emirates) have begun to reduce oil production due to the situation in the Strait of Hormuz, which developed after the start of the Israeli and US operation against Iran.
Bloomberg reported this, citing company statements and its own sources.
Kuwait Petroleum Corporation reported both a reduction in oil production at its fields and a decrease in oil refining due to Iran's threats to shipping in the Strait of Hormuz.
Unnnamed sources told Bloomberg that the reduction in oil production in Kuwait began with about 100,000 barrels per day last Saturday, March 7. On March 8, the reduction was expected to almost triple. The level of production will depend on the level of oil reserves and the situation in the Strait of Hormuz.
The agency notes that earlier Kuwait Petroleum Corporation declared force majeure, a legal clause that allows the company not to fulfill its obligations to fulfill previously concluded contracts. The Strait of Hormuz is the only way for Kuwait to export black gold, unlike Saudi Arabia, which previously redirected oil to a port on the Red Sea.
Abu Dhabi National Oil Company said it was "managing offshore production levels" to meet crude storage needs. The company did not release any details.
As the Ukrainian News agency earlier reported, on March 5, the Financial Times wrote that due to the Israeli and US operation against Iran, several of the largest aluminum producers from the Middle East had to suspend production.
We also wrote that the war against Iran may disrupt the supply chain of key components used in the production of semiconductors and microcircuits.
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