Iraq declared force majeure on oil deposits of foreign companies

Iraq has declared force majeure on all oil deposits developed by foreign companies. This was reported on March 20 by the Reuters news agency, citing sources.

"Iraq has declared force majeure on all oil fields being developed by foreign oil companies, as military operations in the region have disrupted navigation through the Gulf of Hormuz, blocking most of the country's oil exports," the publication says.

Two days earlier, the country's oil minister, Hayyan Abdul Ghani, announced plans to resume oil transportation to the Turkish port of Ceyhan via a pipeline from Kirkuk.

Costly refueling: fuel crisis may push the United States to end the war

The blockade of the Strait of Hormuz is already affecting the price of gasoline and increasing demand for Russian oil.

The press service of the Islamic Revolutionary Guard Corps (IRGC) announced on March 11 that Iran would not allow any oil tankers related to the United States and its allies to pass through the Strait of Hormuz. Iranian Foreign Minister Abbas Araqchi added on March 14 that the strait remains open to navigation, but is restricted to ships of the United States, Israel and their allies.

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