The reason for this move is the overflowing tanks caused by export issues exacerbated by the escalation of conflict in the Middle East.
Kuwait's authorities are considering further reductions in both oil production and refining to ensure that only the internal needs of the country are met.
Analysts from Kpler predict that if production rates are not reduced, Kuwait's oil storage capacity could be filled within approximately 12 days.
Experts warn that a decrease in production could have serious long-term consequences for Kuwait's energy sector.
Qatar's Minister of Energy Saad al-Kaabi announced that in the coming days, all energy exporters in the Gulf region may declare force majeure, which could lead to an increase in oil prices to $150 per barrel.
Additionally, Tehran has closed the Strait of Hormuz, threatening any vessel that attempts to pass through it. The Islamic Revolutionary Guard Corps (IRGC) stated 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 supplies and up to 30% of liquefied natural gas from Gulf countries, including Iraq, Saudi Arabia, Kuwait, Bahrain, Qatar, and the UAE, are transported to Asian markets.
Experts warn that blocking this "corridor" could cause a sharp spike in energy prices.
