Kuwait Weighs More Overseas Oil Storage as Hormuz Disruption Threatens 20% of Global Supply
Updated
Updated · Bloomberg · Jun 3
Kuwait Weighs More Overseas Oil Storage as Hormuz Disruption Threatens 20% of Global Supply
3 articles · Updated · Bloomberg · Jun 3
Summary
Kuwait said it may expand oil storage abroad to preserve exports after war in the Persian Gulf disrupted flows through the Strait of Hormuz.
Sheikh Khaled Al Sabah said the waterway is not safe for energy shipments even when not fully blocked, underscoring the need for backup routes and inventories.
Kuwait is also discussing possible pipeline alternatives with neighboring states, according to the head of Kuwait Petroleum Corp.'s international marketing arm.
The move highlights how Gulf producers are trying to keep crude reaching global markets as insecurity around Hormuz threatens a key chokepoint for world oil trade.