US EditionKuwait Declares Force Majeure as U.S. Seizure of Iranian Ship Escalates Tensions
Kuwait Petroleum Corp. said the disruption could delay scheduled deliveries, but officials said supply will not stop completely.
- On Friday, Kuwait Petroleum Corporation declared force majeure on crude oil and refined product shipments, citing the Strait of Hormuz blockade's prevention of delivery obligations.
- Tensions escalated after the United States seized an Iranian-flagged cargo vessel, prompting Iran to link the shipping lane's reopening to lifting of the United States naval blockade targeting its crude exports.
- The United States government estimates more than 9 million barrels a day of oil production will be shut in during April, forcing countries across the region to reduce output.
- Oil prices rebounded in early trading as markets reacted to the disruption, while President Donald Trump announced a delegation led by Vice President Vance is heading to Islamabad for talks.
- Iran-Aligned Houthis have threatened to target the Bab el-Mandeb Strait, raising concerns about additional risks to alternative export routes for Middle East crude oil amid regional escalation.
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Force majeure for shipments of crude and refined products after the new blockade in Hormuz - Production at 1990 levels
Times of India
The Economic TimesKuwait declares force majeure on oil shipments amid Hormuz blockade
Kuwait has declared force majeure on its crude oil and refined product shipments. This action follows a blockade of the Strait of Hormuz. The blockade has prevented vessels from entering the Persian Gulf. Kuwait Petroleum Corporation has notified its customers about this development. The company is invoking a contract clause. This allows them to withhold scheduled deliveries.
Kuwait Declares Force Majeure on Oil Shipments on Hormuz Halt
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.
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