TotalEnergies production down 15% due US-Iran War; confirms UAE Outages

The French oil giant said that TotalEnergies has lost 15% of its 'oil and 'gas production as the U.S. Israel war against Iran closes down fields in the Middle East including the UAE, Qatar, and Iraq.

Total said that this output represents about 10% of its?upstream cash flows.

This was the first official confirmation of widespread production outages in the UAE caused by the crisis. Qatar and Iraq had announced earlier production cuts. The UAE, however, has not released any official information.

Total has announced that its offshore production in the UAE has been shut down. Around half of the UAE's oil production comes from offshore fields.

The French company added that the 'income from an 'eight-per-barrel rise in oil prices as a result of the war will more than offset the 'loss?of production in the Middle East in this year, as it brings on?additional?production elsewhere.

It added that operations at its SATORP refinery in Saudi Arabia were normal.

Total's impact on the shutdowns of Qatari liquefied natural gas production is limited to two million tonnes. (Reporting and editing by America Hernandez, Makini Brrice and Jan Harvey.

(source: Reuters)