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Iraq declares force majeure on foreign-operated oilfields over Hormuz disruption, sources say
Iraq cut Basra oil output by 73% after military actions blocked Hormuz Strait navigation, forcing export halts and refinery use, the oil ministry said.
- Iraq declared force majeure on oilfields after military activity disrupted navigation through the Strait of Hormuz, forcing Oil Minister Hayan Abdel-Ghani to cut crude production from 3.3 million to 900,000 barrels per day on Friday.
- Navigation through the Strait of Hormuz, a chokepoint for around 20 per cent of global oil and liquefied natural gas supplies, has been severely affected by the three-week-old US-Israeli war with Iran.
- Iraq's finances face strain as the state relies on crude sales for more than 90 per cent of its income, while international partners remain unable to nominate tankers to lift shipments despite SOMO readiness.
- Stating that "no compensation arising from the measure under contract terms" would be provided, the ministry ordered a full shutdown of production at affected concession areas, with remaining quantities pumped to operate refineries.
- Regional tensions escalate as Israel launched fresh attacks in Lebanon after the Iran-aligned militia Hezbollah fired across the border, while Tehran has responded by hitting Israel and Gulf Arab states hosting US military installations.
34 Articles
34 Articles
The Times of Israel
Iraq declares force majeure on foreign-operated oilfields over Hormuz disruption, sources say
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Exclusive: Iraq declares force majeure on foreign-operated oilfields over Hormuz disruption, sources say
Most Iraqi crude exports transit the Strait, and the disruptions have caused storage capacity to reach its limits, the oil ministry said in a letter dated March 17 and seen
The oil crisis in Iraq worsens with the declaration of force majeure on all foreign deposits. Exports fall from 3.3 million to 900,000 barrels a day, further weakening the national economy.
The Print
Exclusive-Iraq declares force majeure on foreign-operated oilfields over Hormuz disruption, sources say
By Aref , Mohammed and Ahmed Rasheed BAGHDAD, March 20 (Reuters) - Iraq has declared force majeure on all oilfields developed by foreign oil companies after military operations in the region disrupted
Shafaq News – Baghdad: Iraq has declared force majeure in its oil sector, according to a document issued by the Ministry of Oil on March 15. The declaration was based on a decision by the Crisis Cell, headed by Oil Minister Hayyan Abdul Ghani, and mandates that licensing round operators be notified of the decision. According to experts, declaring force majeure means "the existence of an unforeseen emergency beyond our control (such as war or a n…
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