Another country has declared force majeure. Kuwait has reduced oil production.
9 March 18:17
Against the backdrop of the US and Israel’s war with Iran, the Kuwait Petroleum Corporation (KPC) has begun to cut production and declared force majeure. This was reported by Reuters, according to "Komersant Ukrainian".
Iraq and Qatar have also announced reductions in oil and gas production. Analysts predict that the United Arab Emirates and Saudi Arabia will also soon be forced to cut production as their oil reserves are running out.
KPC notes that it declared force majeure due to clear threats from Iran regarding the safe passage of ships through the Strait of Hormuz, Tehran’s continued attacks on Kuwait, and the “almost total absence” of ships capable of transporting oil and oil products in the Persian Gulf.
The corporation declared force majeure after it reduced crude oil production and refining due to the conflict in the Middle East.
The document did not specify how much KPC would reduce production: in February, Kuwait produced about 2.6 million barrels per day. The Kuwaiti corporation noted that the reduction is a preventive measure and will be reviewed in line with developments, and stated its readiness to resume production levels when conditions allow.
KPC is the main exporter of naphtha (an oil fraction used in the manufacture of gasoline and for the petrochemical industry) to Asia and the main supplier of aviation fuel to northwestern Europe.
