Kuwait Slashes Oil Output Amid Storage Crisis

Kuwait has begun reducing oil production due to storage limitations, according to the Wall Street Journal. The country, a key OPEC member, is considering further limiting output and refining to meet only domestic needs. Reuters has not yet confirmed the report.

Kuwait has initiated cuts in oil production at several fields, constrained by a lack of storage capacity for its crude, reports the Wall Street Journal citing informed sources.

As a foundational member of the Organization of the Petroleum Exporting Countries (OPEC), Kuwait is contemplating further reductions in production and refining capabilities, potentially aligning with its domestic consumption needs, according to the WSJ report.

At the moment, Reuters has been unable to independently verify these claims.