Kuwait has begun to reduce production at certain oil wells due to a lack of storage space for its crude oil, signaling a broader crisis in its reserves that poses new risks to the global market. As a founding member of OPEC, the country is discussing further cuts to production and refining to meet domestic consumption needs, according to sources who spoke exclusively to the Wall Street Journal. A final decision is expected in the coming days.

Data provider Kpler reported indications that Kuwait has started to decrease its production, with an urgent need for further reductions in the coming days; otherwise, its storage facilities will reach full capacity in about 12 days. This scenario highlights the precarious nature of Kuwait's oil storage capacity and underscores the challenges it faces amid fluctuating global oil prices.

Shutting down an oil well carries the risk of long-term damage to the reservoir pressure, which could complicate future extraction efforts. The combination of reduced production and the looming threat of oil prices reaching 100 euros per barrel raises concerns not only for Kuwait's economy but also for the international oil market as a whole, as such developments could affect prices and availability worldwide.