US EditionIraq Declares "Force Majeure" on Oil Fields Operated by Foreign Companies Due to the Situation in Hormuz
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Iraq has declared a force majeure situation in its oil fields after military tensions in the Strait of Hormuz virtually halted exports and forced a drastic reduction in production, Reuters reports.
New York, United States.- Iraq has declared force majeure in all fields exploited by foreign oil companies after military operations in the region interrupted shipping through the Strait of Ormuz, reported three energy sector officials with direct knowledge of the decision. Navigation through the Strait of Ormuz, where about 20% of world supplies of petroleum and liquefied natural gas pass, has been severely affected by unprecedented military ac…
News Image dpa Iraq has declared force majeure for all oil fields being developed by foreign oil companies. The measure is a direct consequence of the Iranian blockade of the Strait of Hormuz, which prevents the export of crude oil, sources within the Iraqi Ministry of Oil report. The declaration of force majeure means that Iraq is temporarily unable to fulfill its contractual obligations to foreign partners due to circumstances beyond the count…
Iraq has declared a state of force majeure on all oil fields operated by foreign oil companies. The decision comes as military operations in the region have… Iraq has declared a “state of force majeure” on oil fields operated by foreign companies due to the situation in Hormuz - ΙΝΑΦΤΕΜΟΠΟΡΙΚΙ
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