Kuwait Petroleum Corporation (KPC) has begun cutting crude oil production and declared force majeure amid ongoing disruptions to energy shipments through the Strait of Hormuz as the conflict between US and Iran enters its eighth day Reuters reported.
The state-owned company said it reduced crude output and refining throughput as a precautionary measure due to escalating regional tensions and growing risks to tanker movements in the Arabian Gulf.
KPC said the force majeure was declared due to explicit threats by Iran against the safe passage of vessels through the Strait of Hormuz, continued attacks on Kuwait and the near-total absence of available ships to transport crude oil and petroleum products from the Gulf.
The company did not specify the scale of the output reduction. Kuwait produced about 2.6 million barrels per day (mmbbl/d) of crude oil in February.
KPC said the cuts will be reviewed as the situation develops, adding that it remains ready to restore production levels once conditions allow.
The move adds to earlier supply reductions by Iraq and Qatar as the conflict disrupts energy flows from the Middle East. Analysts warn that producers, including the UAE and Saudi Arabia, may also be forced to curb output if export routes remain blocked and storage capacity fills up.
