Kuwait Oil Production Cut Begins as Strait of Hormuz Closure Fills Storage Tanks to Capacity

TLDR: Kuwait declared force majeure on day 18 as onshore tanks hit full capacity with no export route available. Seven insurance letters from London closed the Strait, not Iranian strikes on Kuwait’s oil production facilities. JPMorgan warns total Gulf shut-ins could reach nearly 5 million barrels per day if Hormuz stays closed. Forced well shut-ins [...]

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