oil prices surged

Paris (dpa) — TotalEnergies said on Thursday is likely to benefit from rising oil prices despite production disruptions in the Middle East caused by the US and Israel’s war with Iran.

Production in Qatar, Iraq and off the coast of the United Arab Emirates has been halted or is in the process of being shut down, the French oil major said. Production onshore in the UAE is not affected.

The outages account for about 15% of the company’s total output.

oil prices surged

However, the increase in oil prices is expected to more than offset the loss in production.

The company said that a rise of $8 per barrel in Brent crude would be enough to compensate for the operating cash flow lost from Iraq, Qatar and offshore UAE, based on a price of $60 per barrel.

Brent crude was trading at just over $97 per barrel late on Thursday. At the end of February — before attacks by the United States and Israel on Iran — the price had been around $73 per barrel.