Iraq declares force majeure on foreign-operated oilfields
3/20/2026 9:15:04 PM
Iraq has declared force majeure on all oilfields developed by foreign oil companies as the Middle East war has disrupted navigation through the Strait of Hormuz.
The US-Israel attack and Iran’s response has prevented most of Iraq’s crude exports from moving, according to energy officials.
In peace time, Iraq exports between 3.3 to 3.5 million barrels per day of crude oil. Oil sales account for nearly 90 percent of Iraq’s budget revenues.
The US-Israel attack and Iran’s response has prevented most of Iraq’s crude exports from moving, according to energy officials.
In peace time, Iraq exports between 3.3 to 3.5 million barrels per day of crude oil. Oil sales account for nearly 90 percent of Iraq’s budget revenues.