The French energy giant TotalEnergies announced today that it has suspended—or is in the process of suspending—production representing approximately 15% of its global oil and natural gas output in several Gulf countries.
“Production has been halted or is in the process of being halted in Qatar, Iraq, and offshore areas of the United Arab Emirates, representing around 15% of our total output,” the company stated in an official release.
The group clarified to the French News Agency (AFP) that the measure concerns both oil and natural gas production.
TotalEnergies also indicated that rising oil prices could largely offset the production losses in the Middle East, according to Panorama.
This was highlighted in an English-language statement posted on the company’s official website, in response to inquiries from some shareholders regarding the company’s level of exposure in the Middle East.
