Striking oil workers in Kuwait disable over 60 percent of production

19 Apr 2016   Kuwait

The Doha talks came and went yesterday. With little to show after Saudi Arabia largely refused to take action on oil output cuts without the cooperation of Iran. But even as OPEC leaders were meeting in Qatar, a potentially bigger story for crude broke in a completely different spot. Kuwait — OPEC’s fourth-largest oil producer. That was the spot of a surprise strike by the country’s oil workers, with key union Oil & Petrochemical Industries Workers Confederation directing about 6,000 of its total 13,000 members to stand down from their jobs Sunday at Kuwait’s oil fields and refineries. The walk-off Sunday morning had an immediate and massive effect on Kuwait’s oil production, with officials from Kuwait Oil Company saying that Kuwait’s crude output has now been reduced to just 1.1 million barrels per […]

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