TEMPO.CO, Jakarta - Bapco Energies, Bahrain's state oil company, declared a force majeure for its shipments following an Iranian attack on its refinery complex.
The state-run Bahrain News Agency reported the announced force majeure — which is a legal measure that releases a company from contractual obligations due to unforeseen or extraordinary circumstances.
The agency reported that the company’s operations "have been affected by the ongoing regional conflict in the Middle East and the recent attack on its refinery complex."
The company said that local demand could still be met.
According to the Observatory of Economic Complexity (OEC), the main destinations for Bahrain's oil exports are South Africa, Saudi Arabia, Singapore, France and Zambia.
Governments Looking to Limit Economic Impact of Iran War Fallout
Countries around the world are seeking to limit the impact on their economies and consumers as the impact of the Iran war begins to be felt.
France on Monday will host a video meeting of the Group of Seven (G7) economies as oil prices surged in early trading.
The oil price jumped 25%, while OPEC producers Kuwait and Iraq cut output over the weekend as Strait of Hormuz — a critical trade route — remained effectively shut.
Reuters cited a French government source as saying that G7 finance ministers would discuss the possibility of a joint release of oil reserves.
The meeting also comes after Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader.
"We're going to listen to what is coming up from the ground, from businesses, from economists in these different parts of the world," French finance minister Roland Lescure told Franceinfo radio.
France holds the rotating presidency of the G7, which also includes Canada, Germany, Italy, Japan, the United Kingdom and the United States.
Read: Global Oil Prices Spike to $115 per Barrel: Things to Know
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