Kuwait, a key member of the Organization of the Petroleum Exporting Countries (OPEC), has reportedly started scaling back production at some of its oil fields due to a lack of storage space for its crude.
Kuwait Scales Back Oil Production Amid Storage Crunch
The Wall Street Journal, citing sources, reported on Friday that the country is also contemplating further cuts to its production and refining capacity, which would only cater to domestic consumption.
Data provider Kpler has observed signs of Kuwait’s production cuts and predicts that the country will need to reduce output even more in the next 12 days to prevent storage from reaching capacity.
On Wednesday, QatarEnergy declared Force Majeure to its LNG buyers after halting all liquefied natural gas production.
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