Iran Reports First Attack on Upstream Oil and Gas Infrastructure by US and Israel

Deep News
03/18

Iran's state television reported that US and Israeli airstrikes hit the massive South Pars gas field and its associated infrastructure. The report also stated that nearby oil and petrochemical facilities in Asaluyeh were targeted. If confirmed, this would mark the first time Iran's upstream oil and gas infrastructure has been attacked in the ongoing conflict. The South Pars gas field is shared by Iran and Qatar. European natural gas futures recovered some losses following the news. Data from the Intercontinental Exchange showed that by 12:30 Amsterdam time, the decline in European natural gas futures narrowed to 1.2%, after having fallen as much as 3.9% earlier. Brent crude briefly surpassed $105 per barrel after the reports emerged. According to Iran's oil ministry news agency Shana, the South Pars gas field is expected to reach a record daily production of 730 million cubic meters by 2025.

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