Kuwait Declares Force Majeure on Oil Deliveries

Kuwait has declared force majeure on crude oil and refined product shipments due to the blockade of the Strait of Hormuz. Kuwait Petroleum Corp. (KPC) has notified its customers that it is activating the relevant clause.

The war in Iran has led to a near-standstill in Hormuz, causing disruption in global oil markets. Countries in the region are being forced to reduce production. Kuwait's production is at levels last seen in the 1990s, following the Iraqi invasion.

Kuwaiti officials have stated that they could restore production to pre-war levels within months of the conflict ending.

Source: newmoney.gr