Kuwait Petroleum Corp (KPC) has declared a 'force majeure' on oil sales, citing the "ongoing aggression" against the country by Iran.
"KPC has implemented a precautionary reduction in crude oil production and refining throughput as part of its risk management and business continuity strategy," the company said in an 'X' post.
The firm cited "Iranian threats" against the safe passage of ships through the Strait of Hormuz as one of the main factors.
The company said that it has implemented a precautionary reduction in crude oil production and refining throughput as part of its risk management and business continuity strategy.
KPC maintained that this adjustment is strictly precautionary and will be reviewed as the situation develops. It further said that it remains "fully prepared" to restore production levels once conditions permit for it.
"KPC stresses that all domestic market needs remain fully secured in accordance with established plans. KPC remains committed to prioritising employee safety, safeguarding Kuwait's national assets, and promoting stability within global energy markets," the company said in the post.
Kuwait Petroleum Corporation (KPC) announces that in light of the ongoing aggression by the Islamic Republic of Iran against the State of Kuwait, including Iranian threats against safe passage of ships through the Strait of Hormuz, KPC has implemented a precautionary reduction in… pic.twitter.com/tOmwNK7ykk
— KPC | مؤسسة البترول الكويتية (@kpcofficialkw) March 7, 2026
Reports surfaced detailing that the company has been shutting down oil production in select fields due to a lack of storage space, which came in the wake of the Strait of Hormuz closure.
Reports citing other oil execs in the Middle-East region stated that other oil companies in the region are set to follow suit, facing similar circumstances.
Qatar also issued a force majeure after stopping liquified natural gas (LNG) production at its Ras Laffan Hub, which is the largest LNG complex on the globe.
ALSO READ:US-Iran War News Live Updates: Bahrain Sounds Alarm, Urges Citizens To Go To Nearest Safe Location
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
