Update (1126ET):
Kuwait began cutting crude oil output after storage tank farms began filling up, as crude could no longer be loaded onto very large crude carriers and transported through the Strait of Hormuz, according to The Wall Street Journal.
Sources say the OPEC founding member is now weighing broader reductions in crude production and refining, potentially limiting operations to only domestic demand, with a decision expected within days.
UBS analyst Nana Antiedu noted that Brent crude futures climbed to $91/bbl after WSJ released the report.
WSJ noted:
Data provider Kpler said it has seen indications that Kuwait has started to cut…
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