Oil holds near USD40 as Kuwait labor strike cuts crude production
Oil held near USD40 a barrel as a strike in Kuwait cut output by more than half from OPEC’s fourth-biggest producer. A labour strike that started Sunday in Kuwait reduced output for a second day after production plunged 60% to 1.1 million barrels a day. Kuwait Petroleum Corp.’s crude production and refining units are working to restart facilities and raise processing rates to full capacity, officials said Monday.
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