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BREAKING: Kuwait has begun cutting production at its oil fields after running out of crude oil storage capacity, according to WSJ.
Details include:
1. Kuwait is discussing limiting production to only meet domestic consumption needs.
2. Sources say that a decision on widespread production cuts is expected to be made within a few days.
3. After halting production, restarting operations could take several days or even weeks.
4. Kuwait's oil production of approximately 2.6 million barrels per day appears to be at risk.
Oil storage tanks in Gulf countries are nearing maximum capacity.