QatarEnergy Declared Force Majeure on LNG Supply Contracts
The Qatari LNG producer QatarEnergy has declared force majeure on long-term contracts with four countries. This is the second force majeure declaration in March. Iranian strikes have disabled 17% of QatarEnergy’s export capacity. QatarEnergy has declared force majeure on a number of long-term LNG supply contracts, including with clients in …
Saudi Arabia Reduced Oil Production by a Quarter
Saudi Arabia has reduced oil production by 2.8 million barrels, or 26%, to 8 million barrels per day due to the conflict in the Middle East caused by the attack by the United States and Israel on Iran, Reuters reported, citing sources. “The world’s largest oil exporter, Saudi Arabia, has …
SLB Partially Scales Back Operations in the Middle East Due to Escalation
The world’s largest oilfield services company SLB (formerly Schlumberger) has begun partially scaling back its operations and has also suspended transit shipments in the Middle East due to the escalation of the situation, according to the company’s press release. The United States and Israel on February 28 began carrying out …
Oil Production at Fields in Southern Iraq Fell by More Than Half
Oil production in Iraq’s main oil-producing region — the southern province of Basra — has decreased from 3.3 million barrels per day to 1.3 million barrels per day amid escalation in the region, the newspaper As-Sabah reported, citing data from the Iraqi state company Basra Oil Company. “Production has now …
The United States Seeks Access to Iran’s Oil Resources, Tehran Said
The United States seeks to gain access to Iran’s oil resources, said Esmail Baghaei, spokesperson for the Iranian Ministry of Foreign Affairs. “As for what the goal of the United States is, there is no doubt — no one has ever doubted that the goal of the United States is …
Vladimir Putin Allowed the Suspension of Oil Production Tied to the Strait of Hormuz
Vladimir Putin stated that a full rerouting of Middle Eastern oil supplies without the Strait of Hormuz will not be possible. The Russian president noted that the strait is “effectively closed,” and oil production in the region risks coming to a complete halt. A full redirection of Middle Eastern oil …
Kuwait Reduced Oil Production and Refining After Iranian Strikes
Kuwait, one of the world’s leading oil suppliers, has announced a reduction in crude oil production and refining. The country’s state corporation stated that the move was taken as a precautionary measure following recent Iranian attacks. Kuwait is cutting oil production and refining as a preventive step due to threats …
World’s Largest LNG Producer Suspends Operations Following Iranian Strike
The company QatarEnergy suspended operations following an attack by an Iranian drone on two of its facilities in Qatar. It is the world’s largest exporter of liquefied natural gas, accounting for about 20% of global supplies. The state-owned Qatari energy company QatarEnergy halted liquefied natural gas production after an Iranian …
The Islamic Republic of Iran Is Ready to Increase Oil Production to the 2015 Level If Sanctions Are Lifted
The Ministry of Petroleum of the Islamic Republic of Iran has announced that Tehran is ready to quickly return to its 2015 oil production levels if international sanctions imposed on its oil sector are lifted. The ministry clarified that Iran possesses the full technical capacity to bring its currently idled …
POGC Begins Drilling 35 New Wells in South Pars
Pars Oil and Gas Company (POGC) has begun a project to drill 35 new wells in the South Pars gas field to increase and maintain gas production from the combined giant field. According to POGC, the operation was officially launched on Tuesday at a ceremony attended by the head of …