Kuwait National Petroleum Company announced on Saturday a precautionary reduction in crude oil production and refining operations citing attacks by Iran and the closure of the Strait of Hormuz.
"Kuwait Petroleum Corporation (KPC) announces that in light of the ongoing aggression by the Islamic Republic of Iran against the State of Kuwait, including Iranian threats against safe passage of ships through the Strait of Hormuz, KPC has implemented a precautionary reduction in crude oil production and refining throughput as part of its risk management and business continuity strategy," the statement read.
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