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Kuwait said Saturday that it has cut oil production and refining output because tankers cannot transit the Persian Gulf due to threats from Iran.
The Arab monarchy did not say how many barrels per day it has cut, but described the output reduction as a precautionary measure that will be “reviewed as the situation develops.”
Kuwait is the fifth-largest oil producer in OPEC. It produced about 2.6 million barrels per day in January.
The state-owned Kuwait Petroleum Corporation said it “remains fully prepared to restore production levels once conditions allow.”
