Iraq suspended the majority of its petroleum exports after declaring force majeure on all oilfields controlled by foreign corporations due to escalating military action in the region impeding shipping via the Strait of Hormuz, IraqiNews reported on Friday.
The outlet added that the majority of Iraq's crude exports have not been able to move due to US-Israel attacks and Iran's retaliation. While the ongoing conflict interferes with ordinary operations, the declaration of force majeure allows Iraq to suspend contractual obligations due to unforeseeable circumstances.
Iraq exports 3.3 to 3.5 million barrels of crude oil per day during times of calm. Nearly 90% of Iraq's budgetary income comes from oil sales, according to Al Jazeera.
https://breakingthenews.net/Article/Iraq-declares-force-majeure-on-oilfields/65919981
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