Kuwait readies for shutdown of Straits of Hormuz

BACKUP PLAN: Kuwait is preparing a plan to ensure oil exports in case Iran shuts down the Straits of Hormuz, Al-Shuwaib has said. (Google Maps)

Kuwait is developing precautionary plans to ensure oil exports in case Iran closes the vital Gulf oil route, state news agency KUNA on Monday quoted an official as saying.

"There are precautionary plans to export Kuwaiti crude in cooperation with the Gulf Cooperation Council but those plans are not finalised yet," KUNA quoted Saad Al-Shuwaib, head of state oil company Kuwait Petroleum Corp (KPC) as saying.

He gave no more details.

Iran's Revolutionary Guards said Tehran would impose controls of shipping in the vital Gulf oil route if Iran was attacked, Guards commander-in-chief Mohammad Ali Jafari told an Iranian newspaper on Saturday.

"If any military tensions occurred oil prices will reach $200 [per barrel]," said KPC's Al-Shuwaib. (Reuters)

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