Kuwait declares force majeure oil deliveries after Kuwait Petroleum Corporation (KPC) began cutting output on Saturday, as the US-Iran war continued to disrupt Middle East shipments for an eighth straight day.
According to a trade notice cited in the report, KPC reduced crude production and refining throughput as a precaution because of the conflict and said it would review the decision as conditions evolve.
The company did not specify the size of the cuts. The report notes that Kuwait produced around 2.6 million barrels per day of crude oil in February.
Kuwait Declares Force Majeure Oil: What the Notice Cited
The notice said KPC declared force majeure due to what it described as explicit threats to safe passage through the Strait of Hormuz, continuing attacks on Kuwait, and an “almost total absence” of vessels available in the Arabian Gulf to ship crude and petroleum products.
KPC said it remains ready to restore production levels when conditions allow. The company declined to comment on the notice, according to the report.
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Kuwait’s move adds to earlier oil and gas reductions from Iraq and Qatar, the report said, as conflict-related disruption continues across the region.
Analysts cited in the report warned that the UAE and Saudi Arabia could also face pressure to cut output if storage fills up while shipments remain blocked.
KPC is described as a major exporter of naphtha to Asia and a major jet fuel exporter to north-west Europe, meaning prolonged disruption could affect multiple fuel and petrochemical supply chains.
