By Xenix News
Thank you for reading this post, don't forget to subscribe!A bird’s eye view of crude oil storage facilities, in Al Ahmadi, Kuwait, on December 11, 2023. Nicolas Economou/Reuters/Archive
Reports from Iranian media indicate that Kuwaiti crude oil exports dropped from over one million barrels daily to none in April, marking the “first disruption of this kind” since the Gulf War concluded in 1991.
The Gulf country extracted oil during the month, but officials transferred some of the output to storage and designated a share for refined products, as reported Monday by the Iranian Students’ News Agency (ISNA), referencing information from the oil monitoring platform TankerTracker.
ISNA reported that refined fuel shipments “remained at low levels while crude oil shipments fell to zero,” indicating a “significant departure from its typical export rate of over one million barrels daily.”
On Sunday, multiple regional countries, including Kuwait, revealed an increase in oil production goals despite the near closure of the Strait of Hormuz. The oil cartel OPEC announced that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman would increase production by an additional 188,000 barrels daily. The declaration was made shortly after the UAE revealed intentions to exit the group, impacting its members.
Last month, oil production from the Middle East plummeted as simultaneous blockades set by the US and Iran on non-allied ships in the Strait of Hormuz curtailed exports.
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