Gulf crisis: Now, Kuwait announces cuts in oil, refining output

Kuwait, OPEC's fifth-biggest producer, cut oil and refinery production following the near-halt of shipping traffic through the Strait of Hormuz, the latest in a string of output reductions hitting some of the world's biggest energy producers.

The cuts follow the "ongoing aggression by the Islamic Republic of Iran against the state of Kuwait, including Iranian threats against safe passage of ships through the Strait of Hormuz," Kuwait Petroleum Corp said in a statement. The cutback started with about 100,000 barrels a day as of early Saturday and is expected to almost triple on Sunday, with further gradual reductions depending on storage levels and the status of Hormuz, a person with direct knowledge of the plan said, asking not to be named because the details are private.(BLOOMBERG)