TotalEnergies said production has been halted or is “in the process of being halted” in Qatar, Iraq and the United Arab Emirates, in a statement published on Thursday, as the conflict in the Middle East rages on. According to the French energy company, the interruption represents approximately 15% of total production.
According to the note, onshore production in the United Arab Emirates was not affected by the conflict, as it is exported through the Fujairah terminal, and operations at the Satorp refinery continue to operate normally for now and are supplying the Saudi domestic market.
TotalEnergies has signaled that oil production growth is expected to come predominantly from outside the Middle East in 2026, meaning a higher oil price will largely offset lost production in the region, according to the company. “An increase of US$8 per barrel in the price of Brent is enough to offset the operating cash flow (CFFO) expected for 2026 from our offshore assets in Iraq, Qatar and the United Arab Emirates at US$60 per barrel”, he detailed.
And the company added: “TotalEnergies is monitoring the evolution of the situation on site every hour and will inform you if there are significant changes to the above.”
