Kuwait cuts oil production as precaution amid US-Iran tensions

KUWAIT CITY: Kuwait has announced a precautionary reduction in crude oil production and refining following the ongoing US conflict with Iran.

According to the Kuwait Petroleum Corporation (KPC), the move comes amid concerns over Iranian threats to the safe passage of ships through the Strait of Hormuz.

Iran, however, has described its stance as defensive, stating that it has the right to respond and may target ships passing through the route as part of what it calls self-defence.

Kuwaiti officials said the reduction forms part of the country’s “risk management and business continuity strategy,” aimed at implementing strict precautionary measures during the heightened regional tensions.

KPC added that the decision will be reviewed as the situation evolves, noting that production levels could be restored once conditions improve.

Petroleum products have affected individuals globally, with governments now bringing immediate change to existing fuel prices.

Petroleum products in Kuwait

Kuwait has not changed domestic petrol prices, which remain roughly around 0.105–0.165 Kuwaiti dinars per litre depending on fuel grade. Instead, the government announced a precautionary cut in crude oil production and refining to manage risks linked to tensions in the Strait of Hormuz.

Petroleum products in Pakistan

Petrol and diesel prices in Pakistan surged by Rs55 per litre in a single revision, making them per litre to Rs321.17 and Rs335.86 respectively.

Petroleum products in Belgium

Belgium increased the maximum price of Petrol 95 (E10) from about €1.634/litre to €1.677/litre, a rise of roughly €0.043 per litre amid global oil market volatility. Diesel prices also saw a slight uptick as European fuel markets reacted to the surge in crude prices.

Petroleum products in US

In the US, petrol prices are market-driven, with the national average gasoline price rising from around $2.90 to above $3 per gallon following the escalation in Middle East tensions. Diesel prices also edged higher as crude markets tightened.