Kuwait to reduce oil production as ‘precautionary’ step due to war

Kuwait says it is reducing oil production as a “precautionary” measure due to the war in the Middle East.

The Kuwait Petroleum Cooperation blamed Iran’s attacks on the country as well as threats to the Strait of Hormuz, where a fifth of the world’s oil trade passes.

The Kuwaiti statement did not say how much it was reducing output, but Saturday’s announcement threatened to further jolt global energy markets.