Investing.com -- Kuwait Petroleum Company expects to restore approximately 70% of its oil production within six to eight weeks after the Strait of Hormuz reopens, according to the company's managing director for international marketing.

Shaikh Khaled Ahmad Al-Sabah made the statement Tuesday at the S&P Global Energy Middle East Petroleum and Gas Conference. He said the remaining 30% of production capacity would require about one additional month to recover.

The company's refinery operations are expected to return to normal production levels more quickly, within approximately two to three weeks after the crisis ends, Al-Sabah added.

"Our oil production could go back to 70% of normal level in 6-8 weeks, one month more for remaining 30%," Al-Sabah said.