WS Investor
16 Mar 2026, 18:06
TotalEnergies said production has been shut down or is in the process of shutting down at several offshore operations in Qatar, Iraq and the UAE due to the ongoing Middle East conflict, affecting about 15% of the company’s total output.
The company noted that onshore production in the UAE, representing about 210,000 barrels per day for TotalEnergies’ share, remains unaffected. The impacted Middle East volumes account for roughly 10% of the group’s upstream cash flow, as the region’s assets generate lower cash flow due to higher taxation.
TotalEnergies said higher oil prices are expected to offset the production losses, noting that an $8 per barrel increase in Brent crude would compensate for the expected 2026 cash flow from the affected assets. Operations at the Satorp refinery in Saudi Arabia continue normally, while the impact on LNG trading from Qatar shutdowns is expected to be limited. The company said it continues to monitor the situation closely.
The company noted that onshore production in the UAE, representing about 210,000 barrels per day for TotalEnergies’ share, remains unaffected. The impacted Middle East volumes account for roughly 10% of the group’s upstream cash flow, as the region’s assets generate lower cash flow due to higher taxation.
TotalEnergies said higher oil prices are expected to offset the production losses, noting that an $8 per barrel increase in Brent crude would compensate for the expected 2026 cash flow from the affected assets. Operations at the Satorp refinery in Saudi Arabia continue normally, while the impact on LNG trading from Qatar shutdowns is expected to be limited. The company said it continues to monitor the situation closely.