Kuwait Petroleum Corporation (KPC) began cutting oil output on Saturday and declared force majeure, adding to earlier oil and gas reductions from Iraq and Qatar as the US-Iran war blocked shipments from the Middle East for the eighth consecutive day.
The war has closed off the world’s most vital energy checkpoint, the Strait of Hormuz, which is responsible for 20% of global oil and LNG supply. Analysts predict the United Arab Emirates and Saudi Arabia will have to also cut output soon as they run out of oil storage, , according to a trade notice seen by Reuters