Oil prices have increased following a fall in crude production due to a strike by oil workers in Kuwait.
Brent crude futures were up 40 cents and traded at $43.31 a barrel, while the US crude futures increased 33 cents at $40.11 a barrel, Reuters reported.
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The work stoppage by Kuwaiti oil workers protesting against planned public sector pay reform caused the output to fall by 60% to around 1.1 million barrels a day.
Oil workers have launched the strike protesting cuts in pay and benefits as Middle Eastern crude exporters cut subsidies and government handouts.
However, according to analysts, the OPEC member’s disruption may be brief and investors’ focus would be on the market’s supply glut again following the collapse of a meeting by major oil exporters to agree to freeze output at January levels.
After Saudi Arabia demanded Iran to sign up, the output freeze proposal fell apart.
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By GlobalDataReuters quoted Russia’s deputy energy minister Kirill Molodtsov saying that the country plans to increase oil production in 2016. In 2015, the country produced 534 million tonnes of oil.
OPEC member Venezuela hopes to increase oil exports to 2.3 million barrels per day in 2016, adding to the already oversupplied market.
