Kuwait's main oil company declares force majeure after Hormuz blockage
Business
Kuwait's main oil company just declared force majeure (basically, it cannot guarantee its usual oil shipments) because the Strait of Hormuz is blocked.
This chokepoint is crucial for global oil flow, so the disruption is making waves in energy markets and leaving Gulf countries scrambling to store unsent oil.
Kuwait can skip some deliveries penalty-free
With force majeure in place, Kuwait can skip some deliveries without facing penalties, though not all exports are stopping.
The US estimates more than 9 million barrels per day from the region could be at risk.
On top of that, attacks on Kuwait's infrastructure have pushed production down to levels last seen after Iraq's 1990 invasion, a tough throwback for the country and a reminder of how fragile energy supply chains can be.