Kuwait Petroleum Corporation (KPC) has implemented a precautionary reduction in crude oil production and refining throughput in Kuwait due to security risks linked to Iranian threats affecting shipping through the Strait of Hormuz, the company announced on Saturday.
KPC said the move forms part of its risk management and business continuity strategy amid what it described as ongoing aggression by Iran against Kuwait and warnings over safe passage for vessels in the strategic waterway, a transit point for around 20% of global oil and LNG supply.
The company stated that the measure is temporary and that the needs of the domestic marketremain secured. It did not specify how much it would reduce production or the expected duration of the reductions, indicating only that production levels will be restored once conditions allow.
KPC is Kuwait’s state-owned energy company overseeing the country’s hydrocarbons sector across upstream, refining, petrochemicals and international marketing activities. Through subsidiaries including Kuwait Oil Company, Kuwait National Petroleum Company and Kuwait Petroleum International, it manages Kuwait’s crude production, refining and global trading operations.