&imwidth=800&imheight=600&format=webp&quality=medium "Iran War impact: Kuwait declares force majeure, announces crude oil output reduction")
Kuwait Petroleum Corporation started cutting oil output on Saturday and declared force majeure, adding to further supply pressure after earlier oil and gas reductions announced by Iraq and Qatar as the Iran war blocked shipments from the Middle East for the eighth consecutive day. The ongoing war has blocked the world’s most important oil artery, the Strait of Hormuz, through which about 20% of the global oil and LNG supply takes place. Analysts predict the United Arab Emirates and Saudi Arabia will also have to cut their outputs soon as they run out of oil storage.
Also Read: Hours after president’s apology, Iran vows to continue attacking neighbours aiding enemies
Kuwait Petroleum Corporation (KPC) declared force majeure, according to a trade notice, reported Reuters.
Kuwait had announced a reduction in crude oil production and refining output because of the conflict in the Middle East.
In February, Kuwait produced around 2.6 million barrels of crude oil per day.
It said the reduction was precautionary and would be reviewed as per the developments and added that it will be ready to restore production levels when conditions allow.
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KPC declared force majeure because of the explicit threats by Iran against the safe passage of ships through the Strait of Hormuz, continuing attacks by Iran on Kuwait and the “almost total absence” of vessels available to ship crude oil and products in the Arabian Gulf, the notice said.
KPC is a major exporter of naphtha to Asia and a major jet fuel exporter to northwest Europe.
The ongoing war has already spilled beyond Iran’s borders, as Tehran has responded by also hitting Gulf Arab states hosting US military installations.
Iranian forces are targeting regional energy infrastructure, including refineries and terminals, forcing them to shut down.
Qatar declared force majeure on its huge volumes of gas exports on Wednesday after Iranian drone attacks, and it may take at least a month to return to normal production levels. Qatar supplies 20% of global LNG.
Saudi Aramco’s mammoth Ras Tanura refinery and crude export terminal has also closed due to attacks.
