00:00And Kuwait has temporarily reduced crude oil production and refining operations due to escalating regional tensions and security risks around
00:08the Strait of Hormuz.
00:09In a statement released on Saturday, the Kuwait Petroleum Corporation announced the decision as a precautionary step,
00:15taking as instability around the Strait of Hormuz continues to grow.
00:19The decision comes after the Islamic Revolutionary Guard Corps officials declared this week that the waterway is under control of
00:26Iran's naval forces.
00:27Since the start of the U.S.-Israeli aggressions in the Middle East, the energy market has suffered greatly,
00:32especially since on the Strait of Hormuz, one of the world's most important energy corridors, depends an important portion of
00:39crude oil trade.
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