Kuwait cuts oil production as Strait of Hormuz closure disrupts global energy markets – What does this mean? explained
Kuwait, the fifth-largest oil producer within the Organization of the Petroleum Exporting Countries (OPEC), announced on Saturday that it has curtailed both oil production and refining output after tanker traffic through the Persian Gulf, Starit of Hormuz, came to a near-complete standstill. The Arab monarchy cited Iranian threats to safe navigation through the Strait of…