Kuwait Declares Further Force Majeure on Oil Shipments

Kuwait declared a further force majeure on shipments of crude oil and refined products, taking into account that it would not be immediately able to meet its full obligations to customers even when the Strait of Hormuz reopens.

State-run Kuwait Petroleum Corp. issued the notice to customers on Friday, according to a document seen by Bloomberg News. The company previously declared force majeure — a legal clause allowing a company not to fulfill contractual obligations because of circumstances outside its control — on sales of oil and refinery products, in early March, Bloomberg reported at the time.