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Iraq Declares Force Majeure, Oil Production Plummets Amid Conflict

3/21/2026

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Summary

Story summary

Iraq declared force majeure on oilfields developed by foreign companies after military operations disrupted navigation through the Strait of Hormuz, amid the ongoing U.S.-Israeli war with Iran.
Basra Oil Company's crude production fell from 3.3 million barrels per day to 900,000.
The oil ministry cited disruption of the Strait and storage capacity limits.
The ministry will review the situation periodically and will invite companies to urgent discussions.

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Story summary

Iraq declared force majeure on oilfields developed by foreign companies after military operations disrupted navigation through the Strait of Hormuz, amid the ongoing U.S.-Israeli war with Iran.
Basra Oil Company's crude production fell from 3.3 million barrels per day to 900,000.
The oil ministry cited disruption of the Strait and storage capacity limits.
The ministry will review the situation periodically and will invite companies to urgent discussions.