Kuwait Slashes Oil Output Amid Gulf Tensions; Global Petrol Prices at Risk?

• Kuwait Petroleum Corporation cuts crude oil production as a precautionary measure due to rising Gulf tensions and security risks.
• Decision follows Iranian warnings regarding safe passage of ships and concerns over the Strait of Hormuz, a vital oil transport route.
• The state-owned company states it's a risk management strategy and production can be restored once the situation normalizes.
• Kuwait assures domestic oil and fuel needs are unaffected, but global markets are closely monitoring potential international price impacts.
• Indian government reassures no petrol-diesel price hike, but explains LPG price increase.