TotalEnergies says it will lose 15% of global production due to shutdowns in Middle East

French oil major TotalEnergies will lose 15% of its global production due to shutdowns ‌in ⁠the ⁠Middle East related to the Iran war, it said on its investor website.

The company 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, it said.

TotalEnergies also said that a higher oil price, ‌which has occurred as a consequence of the U.S.-Israeli ⁠war with Iran, would more than offset the loss of production in the Middle East.