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Exxon evacuates personnel in Middle East
Exxon Mobil reduced operations and evacuated nonessential staff due to threats to shipping through the Strait of Hormuz, which handles 20% of global oil, CEO said.
- On March 10, Exxon Mobil evacuated non-essential employees from its Middle East operations, the company confirmed in a Tuesday interview.
- Iran's threats to tanker traffic in the Strait of Hormuz have strained the key waterway that handles one-fifth of the world's oil supply, forcing some oil producers to cut output as storage capacity runs out.
- Scaling back operations, the company said, 'The ability to manage... inventory becomes very challenged, and many of the operations are pulling back simply to manage inventory levels as the logistics in 'the supply chain and the flow through the Strait get worked with time,' Woods said.
- Exxon is a minority partner in projects across the UAE, Qatar and Saudi Arabia, with about 20% of its oil and gas production in the Middle East, heightening regional operational risks.
- Given its heavy LNG exposure, nearly 60% of Exxon Mobil's LNG business is concentrated in the region, CEO Darren Woods said, 'Our first and highest priority is making sure our people remain safe, and we evacuated folks who weren't critical or essential to the operations that we were providing support for'.
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Total News Sources8
Leaning Left0Leaning Right3Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
C 57%
R 43%
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