Iraq Declares Force Majeure on Oil Fields Developed by Foreigners

Наталья Маркова Economy
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Due to the escalation of military conflicts in the region, Iraq has decided to implement a force majeure regime for all oil fields under the management of foreign companies. According to Reuters, this information was provided by representatives of the Iraqi Ministry of Oil.

This decision was a consequence of navigation violations through the Strait of Hormuz, which, in turn, led to the blockage of a significant portion of Iraq's oil exports.

It is worth reminding that against the backdrop of missile attacks from the United States and Israel, Iran announced the effective closure of the Strait of Hormuz — the most important route for the supply of oil and liquefied natural gas to the global market from the Persian Gulf countries. These restrictions affected all types of vessels, including both tankers and commercial ships, which practically paralyzed shipping in this strategically important corridor.
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