Kuwait city: Kuwait Petroleum Corporation announced on Tuesday that it has reduced crude oil production due to disruptions in shipping through the Strait of Hormuz. The company cited a 'serious escalation that threatens global energy market stability' as the reason for the production cut.

According to Anadolu Agency, the company stated that if the war involving Iran concludes, production could be resumed 'relatively quickly' and reach full capacity within three to four months. However, the company has not disclosed the new production levels. It was noted that on March 10, Kuwait had reduced its oil output to around 500,000 barrels per day, a significant decrease from more than three million barrels per day before the outbreak of the US-Iran conflict.

The disruption in the Strait of Hormuz has been ongoing since early March. Normally, around 20 million barrels of oil pass through this strategic waterway daily. The disruption has led to increased shipping costs and higher global oil prices. The regional tensions have escalated since the US and Israel launched a joint offensive on Iran on February 28, resulting in more than 1,340 fatalities, including the death of then-Supreme Leader Ali Khamenei.

Tehran has responded with drone and missile strikes targeting Israel, along with Jordan, Iraq, and Gulf countries hosting US military assets. This retaliation has caused casualties and infrastructure damage while further disrupting global markets and aviation.