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Officials warn the situation could significantly affect consumers and the broader economy.

The situation worsened after strikes targeting the South Pars gas field and retaliatory attacks in key producers such as Saudi Arabia and United Arab Emirates.

U.S. refiners have long relied on discounted barrels of heavy crude, sourced from across the globe, to supply their plants that are uniquely designed to turn the sludgy grades into fuel.

Iran exports relatively little, about 9 billion cubic meters, compared to Qatar’s more than 120 billion cubic meters.

The drop in production and exports is set to strain Iraq’s already fragile finances as the state relies on crude sales for nearly ⁠all public spending and ⁠more than 90 percent of its income.

The well also demonstrated strong reservoir pressure, indicating solid production potential.

Meanwhile, Lee Jae Myung expressed gratitude to partner nations for assisting in evacuating South Korean nationals.

Vietnam also imports refined fuels, while its ‌two ⁠refineries cover around 70% of the country's needs, producing gasoline, diesel and other fuels mostly from imported crude.

In all scenarios, most of the increase in natural gas production is exported as LNG.

A senior Iranian official said Iran's ​new supreme leader had ​rejected de-escalation offers conveyed ⁠by intermediary countries.

The initiative is seen as a key step in strengthening Angola’s energy mix and expanding its global gas market presence.