Kuwait halts oil production as Strait of Hormuz remains closed
Kuwait is dialing back oil production because it's running out of places to store its crude.
The reason? The Strait of Hormuz, a major route for global oil shipments, has been largely closed to tanker traffic in early March, sending oil prices soaring past $92 a barrel.
Qatar stops LNG production
Kuwait Petroleum Corporation is now limiting both production and refining, and there have been reports that cuts could be scaled to match domestic demand.
Meanwhile, Qatar has stopped liquefied natural gas, or LNG, production at its massive Ras Laffan complex after a drone attack, and has told customers it might not be able to deliver on contracts if things don't improve soon.
India has enough fuel stocks for now
Qatar's Energy Minister Saad al-Kaabi warned that if the Strait stays closed, oil could hit $150 a barrel in just a few weeks.
He also warned that ongoing conflict could seriously disrupt energy supplies and impact economies worldwide.
Separately, Indian officials said the country currently holds roughly eight weeks of crude and petroleum product inventories and that domestic fuel stocks are sufficient to meet short-term demand.