BP PLC (NYSE:BP) is in the middle 10 Most Undervalued Stocks to Buy and Hold for 10 Years. On March 5, three sources in the Iraqi oil industry told Reuters that BP PLC (NYSE:BP) had evacuated its foreign workers from Iraq’s large Rumila oil field after two unidentified drones flew into the field. A spokesperson for BP PLC (NYSE:BP) said of the outage: “We are taking all necessary steps to support our partners and ensure the safety of our people.” He added: “We are constantly assessing the situation, communicating with the people under our duty of care and directly addressing them if any changes are needed.”
The reported evacuation comes amid recent military operations in the Middle East. Iraq has cut oil production by nearly 1.5 million barrels per day (bpd), according to the country’s oil officials, with the decline expected to rise to 3 million barrels per day in the coming days as the country runs out of storage. Production at Iraq’s largest oil field, Rumila, which is normally around 1.4 million bpd, was cut by 700,000 bpd.
Oil drilling platform. Photo by John-Ron Simmons Reit in Pixels.
BP Plc (NYSE:BP) is a global energy company engaged in the production, marketing and trading of oil and gas. The company is also engaged in a wide range of businesses, including aviation fuel products and services, convenience and retail fuel, EV charging, Castrol oils and fluids, midstream, crude oil production, oil refining and trading, and bioenergy, among others.
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