The main reason for this step is the overflow of storage facilities caused by problems with hydrocarbon exports, which have worsened amid the escalation of the conflict in the Middle East.
Kuwait's authorities are considering the possibility of further reducing both oil production and refining to meet only the domestic needs of the country.
According to data from the analytics company Kpler, if measures to cut production are not taken, the available space in Kuwait's oil storage facilities could be exhausted in just 12 days.
Experts warn that a reduction in oil production could lead to serious long-term consequences for Kuwait's energy sector.
In the coming days, all energy-exporting countries in the Persian Gulf may declare force majeure, which could lead to an increase in oil prices to $150 per barrel, as previously stated by Qatar's Minister of Energy Saad al-Kaabi.
It should be noted that Iran has closed the Strait of Hormuz.
A representative of the Islamic Revolutionary Guard Corps (IRGC) stated that Tehran will attack any vessel attempting to pass through this strait, emphasizing that this applies to all ships without exception.
The Strait of Hormuz is a key route through which about 20% of the world's oil and up to 30% of liquefied natural gas from Persian Gulf countries, including Iraq, Saudi Arabia, Kuwait, Bahrain, Qatar, and the UAE, passes to Asian markets.
Experts have warned that blocking this "corridor" could cause a sharp spike in energy resource prices.
