Half Of Kuwaiti Oil Production Offline After Massive Strike

Oilprice.com ^ | 18-04-2016 | Ali

[bananaman22]

While everyone is talking about the failure of the Doha negotiations, Kuwait has more than made up for OPEC’s failure all on its own.

Kuwait’s oil workers walked off the job this weekend, flexing their muscles over a pay dispute. The state-owned Kuwait Oil Company took to Twitter to report the damage done by the workers strike, announcing that oil production fell to 1.1 million barrels per day on Sunday, a catastrophic development considering it normally produces nearly 3 mb/d. Also, Kuwait Petroleum Corp., the state-owned refining company, said that its production of refined products dropped from 930,000 to 520,000 barrels per day on April 17.

It is unclear at this time how long production will remain offline, but the effect on the oil market from an outage for any extended period of time is hard to overstate.

[metmom]

And now an excuse to make gas prices skyrocket.

[AlmaKing]

Literally a drop in a barrel.

[montag813]

Thank you Kuwait for keeping my oil patch stocks in the black today.

[SunkenCiv]

Thanks bananaman22.

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[metmom]

No doubt.

Did that ever stop anyone before?