French oil giant TotalEnergies said it will lost 15 percent of its global production due to shutdowns in the Middle East relating to the ongoing conflict.
In a statement on its investor website, the firm said it has shut down, or is in the process of shutting down, its production in Qatar, Iraq and offshore United Arab Emirates due to the crisis.
TotalEnergies also said that a higher oil price, which has occurred as a consequence of the conflict, would more than offset the loss of production in the Middle East.
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