Operational facilities attacked, storage tanks gradually reaching capacity; multiple oil fields in the Middle East are being shut down one after another.

2026-03-04 12:44:07

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Caixin: Middle Eastern countries are gradually shutting down multiple oil and gas fields. On one hand, some oilfield operations have been attacked and forced to close; on the other hand, passage through the Strait of Hormuz has been interrupted, with over a hundred oil tankers and liquefied natural gas (LNG) carriers stranded in the Gulf region. Local crude oil cannot be exported, causing oil and gas storage facilities to gradually become saturated, further accelerating the shutdown and reduction of oil fields.

Since the escalation of the US-Israel-Iran conflict on February 28, the target of attacks has extended from military bases to oil and gas facilities.

Qatar Energy announced on March 3 that the company has decided to suspend production of some downstream products, including urea, polymers, methanol, and aluminum. On March 2, the company previously announced that due to military attacks on its operations in Ras Laffan Industrial City and Mesaieed Industrial City in Qatar, it has ceased production of liquefied natural gas (LNG) and related products. (See Caixin report “Qatar Energy, the world’s largest LNG producer, halts production after attacks; Eurasian gas prices soar”)

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