Kuwait Says Oil Output Won’t Recover for 10-12 Weeks After Hormuz Reopens

Kuwait Petroleum Company expects it will take considerably longer to restore oil production than many traders appear to assume if the Strait of Hormuz reopens in the coming days. Speaking at the S&P Global Energy Middle East Petroleum and Gas Conference, the company’s managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah, said Kuwait would need six to eight weeks to recover roughly 70% of normal production levels after Hormuz reopens, with the remaining 30% requiring about another month.  Refining operations…