The Kuwait Petroleum Corporation (KPC) announced plans to boost oil production to 2 million barrels per day within a week. This decision coincides with the reopening of the Strait of Hormuz and the resumption of international shipping activities. The announcement follows a memorandum of understanding between the United States and Iran aimed at halting hostilities, which has contributed to an improved economic landscape.
In a recent post on X, KPC confirmed that repairs to damaged infrastructure have been completed. This development paves the way for a quicker return to previous production levels. The corporation also stated that all force majeure notifications issued during the conflict have been lifted immediately, demonstrating its readiness to meet market demands.
KPC emphasized its commitment to working closely with clients to ensure a smooth and efficient transition to full contractual volumes, in accordance with existing agreements. This dedication reflects KPC’s focus on strengthening business relationships and fulfilling global market needs.
In related news, oil prices fell by more than 1% as markets anticipated increased global supplies following the reopening of the Strait of Hormuz and the lifting of U.S. sanctions on Iranian oil. As of 10:36 GMT, Brent crude futures dropped by $1.02 (1.28%), settling at $78.53 per barrel. Meanwhile, West Texas Intermediate (WTI) crude fell by $1.48 (1.93%), reaching $75.31 per barrel.
Consequently, Brent crude hit its lowest level since March 2, the first trading day after the conflict began. Similarly, WTI crude recorded its lowest price since March 4, highlighting the ongoing impact of current events on the global oil market.
For more details, visit the original article on Yemen TV.
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