Media contributions
1Media contributions
Title Kuwait invokes 'force majeure' on its fuel, allowing it to forfeit delivery to NZ's refined fuel suppliers Degree of recognition National Media name/outlet The Post Media type Web Duration/Length/Size 6 min read Country/Territory New Zealand Date 21/04/26 Description This article reports Kuwait Petroleum Corporation's invocation of force majeure clauses permitting it to withhold scheduled crude and refined product deliveries amid the closure of the Strait of Hormuz, and traces the implications for New Zealand, which sources roughly a third of its refined fuel imports from Singapore and about half from South Korea — both major destinations for Kuwaiti supply. Dr Lurion De Mello assesses the announcement as a warning sign rather than a lights-out risk, arguing that it underlines the exposure of markets positioned at the end of global supply chains, where upstream stress is felt with a lag through prices before availability. He notes that more oil has been withdrawn from the supply chain than during the 1970s shocks, amplifying the significance of announcements by smaller producers, and identifies acute tightness in the heavy crude grades required for diesel and jet fuel production. The piece further documents damage across Kuwait's three major refineries, the roughly 870 vessels and 13 million barrels held inside the Persian Gulf, and the slow restart dynamics that would persist even after any agreement, alongside domestic evidence of a 3.5 per cent rise in New Zealand petrol prices in the March quarter and its contribution to a higher-than-expected CPI reading. Vessel-tracking data supplied by De Mello, with London Stock Exchange Group, documents inbound tanker arrivals, cargo composition and discharge status. Producer/Author Dita De Boni URL https://www.thepost.co.nz/business/360990063/kuwait-invokes-force-majeure-its-fuel-allowing-it-forfeit-delivery-nzs-refined-fuel-suppliers Persons Lurion De Mello