Kuwait Declares Force Majeure on Oil Shipments on Hormuz Halt
Summarize this article with:
Kuwait declared force majeure on shipments of crude oil and refined products as the blockade of the Strait of Hormuz makes it impossible to meet obligations to customers that can’t bring vessels into the Persian Gulf.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Kuwait declared force majeure on shipments of crude oil and refined products as the blockade of the Strait of Hormuz makes it impossible to meet obligations to customers that can’t bring vessels into the Persian Gulf.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.State-run Kuwait Petroleum Corp. notified customers Friday that it was invoking the contractual clause that allows a supplier to miss deliveries, according to a document obtained by Bloomberg News. The move doesn’t mean supplies will come to a complete halt, a person with knowledge of the matter said.KPC didn’t immediately respond to a request for comment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.The Iran war has brought Hormuz traffic to a near-standstill, causing storage tanks in the region to fill up and upending global oil markets. The virtual shutdown of the critical waterway is a nightmare scenario for Persian Gulf countries, which rely on energy-export revenues to fund public spending.Countries across the region have had to reduce output of oil, gas and refined products as a result of the Hormuz shutdown and Iranian strikes. Earlier this month, the US government estimated that more than 9 million barrels a day of oil production would be shut in during April.Kuwait has suffered multiple hits to oil infrastructure, and output is now at levels last seen in the early 1990s after the Iraqi invasion. Full production will take time to recover once hostilities ease, potentially meaning a continued impact on exports, the person familiar with the matter said, asking not to be identified discussing confidential information.Kuwaiti officials have said they could return output to prewar levels within a few months of an end to the conflict.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.