TotalEnergies says lost 15% of oil output amid U.S.-Israel war with Iran

Investing.com -- TotalEnergies has lost 15% of its oil and gas output as the U.S.-Israeli war with Iran has shut fields across the Middle East, the French oil major said on its investor website.

The lost output accounts for about 10% of TotalEnergies' upstream cash flow, the company added.

The statement marked the first confirmation of widespread output outages in the UAE due to the crisis. Qatar and Iraq have previously announced production cuts, but the UAE has not released any official information.

TotalEnergies said its offshore production in the UAE is shut. The UAE produces around half its oil output from offshore fields.

The French firm added that income from an $8 per barrel rise in oil prices that has occurred as a consequence of the war would more than offset the loss of output in the Middle East this year as it brings online additional production elsewhere.

Operations at its SATORP refinery in Saudi Arabia are normal, the company added.

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