Nawaf Al-Saud Discusses Oil Storage Plans
The CEO of Kuwait Petroleum Corporation, Sheikh Nawaf Al-Saad, confirmed that closing the Strait of Hormuz amid tensions between the United States and Iran represents the most difficult and significant crisis Kuwait has faced in the oil sector since Iraq's invasion in 1990. He explained that the reopening of shipping through the strait would allow the resumption of previous production levels and possibly even higher ones after it is opened. He pointed out that Kuwait is working on emergency plans, including storing oil outside the strait, increasing the fleet of tankers, and discussing with Saudi Arabia and the United Arab Emirates about oil pipelines to ensure the free flow of oil and avoid an imminent energy crisis. The price of Kuwaiti oil per barrel has dropped to $82.40 amid US threats to impose a blockade on Iran.
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