Kuwait Oil-Worker Strike Slashes Crude Production for Second Day - Bloomberg

Kuwait Oil-Worker Strike Slashes Crude Production for Second Day - Bloomberg:

"Kuwait was seeking to boost crude production as oil workers stayed off their jobs for a second day in a strike that’s slashed the OPEC member’s output by about 1.7 million barrels a day, an amount larger than the current global surplus. 
Oil production plunged 60 percent to 1.1 million barrels a day when the strike began on Sunday, while the state refining company slowed operations at its three oil-processing plants to less than 60 percent of their combined capacity. Kuwait Petroleum Corp.’s oil-production and refining units are working to restart units and raise fuel-processing rates to full capacity, officials said Monday.
The efforts came a day after more than a dozen of the world’s major oil producers failed to reach an agreement to freeze output in a bid to halt a price rout of more than 30 percent over the past year amid a global glut. Kuwait produced 2.81 million barrels a day last month, making it OPEC’s fourth-largest member, while worldwide supply exceeded demand by 1.6 million barrels in the first quarter, according to the International Energy Agency."



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