Kuwait has declared force majeure on shipments of crude oil and refined products after a blockade of the Strait of Hormuz prevented some vessels from entering the Persian Gulf, hindering its ability to meet certain customer commitments, Bloomberg News reported on Monday, citing a document.
State-run Kuwait Petroleum Corp. notified customers on Friday that it was invoking a contract clause allowing it to withhold scheduled deliveries, the report said.
Also Read: India’s truckers brace for first diesel price hike in four years
It added that the decision is not expected to result in a complete halt in supply.
Reuters could not independently verify the report.
State-run Kuwait Petroleum Corp. notified customers on Friday that it was invoking a contract clause allowing it to withhold scheduled deliveries, the report said.
Also Read: India’s truckers brace for first diesel price hike in four years
It added that the decision is not expected to result in a complete halt in supply.
Reuters could not independently verify the report.
