New Delhi, Mar 7: The energy crisis is likely to worsen globally, including in India, as Kuwait has joined Saudi Arabia and Qatar in cutting production of petroleum products.
These three major producers and suppliers of petroleum products took the decision in the wake of persistent attacks by Iran, which claims to be targeting American interests in these Gulf countries and in the Strait of Hormuz, a maritime route used by most of the ships ferrying oil and gas globally.
“….Kuwait Petroleum Corporation (KPC) has implemented a precautionary reduction in crude oil production and refining throughput as part of its risk management and business continuity strategy,” the State-run company announced in a statement.
It said the decision has been taken in view of the “ongoing aggression” by Iran against Kuwait and threats against safe passage of ships through the Strait of Hormuz.
“KPC remains committed to prioritizing employee safety, safeguarding Kuwait’s national assets, and promoting stability within global energy markets,” it said.
“KPC emphasizes that this adjustment is strictly precautionary and will be reviewed as the situation develops,” the statement added.
The company said it remains fully prepared to restore production levels once conditions allow. KPC stresses that all domestic market needs remain fully secured in accordance with established plans.
Prior to this, Saudi Arabia’s major company Aramco also shut down its facility, following by Qatar’s state-owned gas company Qatar Gas. (BVI)
