Kuwait Petroleum Corporation (KPC) has announced a precautionary cut in crude oil production and refining operations. This decision has been taken on the basis of statements issued on March 7, 2026, in which Iran’s continuous attacks and threats have been cited. The company has made it clear that this step has been taken completely keeping security and risk management in mind.
📰: The date of Eid al-Fitr has been decided in UAE, Eid will be celebrated on March 20, know the complete status of the holiday.
Why was the decision taken to reduce production?
According to officials, this decision has been taken due to the attacks made by the Islamic Republic of Iran against Kuwait and threats made on the movement of ships in the Strait of Hormuz. Due to these threats, shipping traffic has almost come to a halt. Reports suggest that Kuwait had limited capacity to store oil, forcing it to slow down production.
Impact on oil prices and supply
Due to this regional tension, there has been a huge surge in the oil market. The price of Brent crude has risen from $90.00 to $92.33 a barrel, a gain of about 25% since the conflict began. However, KPC has clarified that there will be no shortage of petrol, diesel and LPG in the domestic market. Securing local supply is their priority.
What is the situation regarding security?
Drone attacks failed: The Kuwait National Guard has confirmed the downing of 12 Iranian drones and 14 missiles in the southern region.
CEO statement: KPC CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah said strict plans have been implemented to protect employees.
Market condition: Experts believe that if this tension continues, oil prices may go up to $ 150 per barrel.
