-- Kuwait has declared force majeure on shipments of crude oil and refined products following the blockade of the Strait of Hormuz, a move that allows it to suspend delivery obligations to customers unable to access the Persian Gulf, Bloomberg reported on Monday.
State-owned Kuwait Petroleum Corp. reportedly notified clients on Friday that it was invoking the contractual clause, according to a document reviewed by Bloomberg.
The company did not immediately respond to requests for comment from.
The declaration does not mean exports will cease entirely, Bloomberg said, citing a person familiar with the matter, though disruptions are expected to persist as shipping routes remain constrained.
The ongoing conflict involving Iran has brought traffic through the Strait of Hormuz, one of the world's most critical oil chokepoints, to a near standstill. The disruption has led to rising storage levels across the region and significant volatility in global energy markets.
Kuwait has sustained multiple hits to its oil facilities, and recovery to full production capacity is expected to take time, even after hostilities subside, potentially prolonging the impact on exports, the source reportedly said.
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