Kuwait cuts oil production as Strait of Hormuz closure disrupts global energy markets – What does this mean? Explained

Kuwait did not specify the volume of barrels per day being withheld from the market. The state-owned Kuwait Petroleum Corporation, however, sought to reassure global buyers, stating that it “remains fully prepared to restore production levels once conditions allow.” In January, the country was producing approximately 2.6 million barrels per day. Oil Prices Surge 35% — Biggest Weekly Gain in Futures Trading History The announcement arrives against the backdrop of a staggering rally in crude prices. On Friday, US crude futures logged their largest single-week gain since the contract’s inception in 1983 — rising 35.63% to close at approximately ?7,813…