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 production, adding that the country would have to cut more output in the coming days, as storage would otherwise fill up in around 12 days. Shutting in an oil well risks long-term damage to reservoir pressure and incurs high restart costs, usually making it a measure of last resort. Restarting production can take days or even weeks depending on the reservoir. “Storage is limited in the Middle East, and the only fix to avoid tanks running over is to curb production,” UBS commodity analyst Giovanni Staunovo said. “The longer the strait stays closed, the more barrels of crude and refined […]