Kuwait may expand oil storage overseas after Gulf conflict

AI Summary

Kuwait is considering expanding its oil storage capacities overseas due to safety concerns stemming from conflict in the Persian Gulf and disruptions in shipments via the Strait of Hormuz. The managing director of international marketing at Kuwait Petroleum Corp. highlighted ongoing instability affecting energy transports through the strait.

Kuwait is exploring options to increase its oil storage capacity in foreign countries following disruptions to shipments through the Strait of Hormuz caused by conflict in the Persian Gulf. Sheikh Khaled Al Sabah, managing director of international marketing at Kuwait Petroleum Corp., said the strait remains unsafe for energy shipments. He made the remarks at ...