Kuwait oil chief warns: Iran is taking the world economy hostage

The damage caused by the conflict will be extreme and long-lasting. Once the Strait of Hormuz is reopened, it will take three to four months to restore the oil production that was halted or reduced due to the blockade. The attacks have caused Kuwait's oil production to plummet, and it can currently only meet the needs of domestic refineries. The executive stated that for Kuwait and some Gulf oil-producing countries, there is no alternative to the Strait of Hormuz for transporting crude oil, fuel, and other products.