Kuwait cuts refinery operating rates, the Strait of Hormuz is blocked.

Insiders said that Kuwait is reducing the operating rates of three refineries, and if necessary, production cuts may continue in the coming days. The source said that the production cut is due to limited storage space. The war in Iran has thrown the Middle East oil industry into chaos, as the conflict has effectively closed the Strait of Hormuz. Due to a shortage of oil tankers affecting exports, storage facilities are quickly filling up. Additionally, refineries in Saudi Arabia and Bahrain have been damaged, forcing them to reduce processing capacity. Kuwait, as a member of OPEC, has three refineries - Al-Zour, Mina Al-Ahmadi, and Mina Abdullah - with a total processing capacity of around 1.4 million barrels per day. Al-Zour is one of the largest refineries in the Middle East.