BAGHDAD: Iraq has declared force majeure on all oilfields developed by foreign oil companies after military operations in the region disrupted navigation through the Strait of Hormuz, halting most of the country’s crude exports, three energy officials with direct knowledge of the decision said.
Navigation through the Strait of Hormuz — a chokepoint for around 20 percent of global oil and liquefied natural gas supplies — has been severely affected by unprecedented military activity, the oil ministry said in a letter dated March 17 and seen by Reuters.
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