Key insights
- Kuwait Petroleum suspended refinery operations after drone strikes, impacting 800,000 barrels/day of refining capacity. This supply disruption could lead to higher crude oil and refined product prices, potentially contributing to inflationary pressures in the US and globally. The extent of the damage and duration of the shutdown will determine the magnitude of the impact on US equities, particularly energy stocks.
Investing.com -- State-run Kuwait Petroleum Corp. has temporarily suspended operations at its Mina Abdullah and Mina Al-Ahmadi refineries following drone strikes that targeted the facilities on Thursday, according to a report from the Wall Street Journal, citing Kuwaiti officials familiar with the matter.
Kuwait Petroleum was still assessing the damage to the refineries, the officials said. Emergency response teams have extinguished fires that broke out in certain parts of the plants, the company said.
The Mina Abdullah refinery has a capacity of 346,000 barrels a day, while the Mina Al-Ahmadi refinery has a capacity of 454,000 barrels a day. All three of Kuwait’s oil refineries were operating at around half of their capacity before Thursday’s attacks, the officials said.
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