Lukoil's West Qurna-Two Oil Field Declared Force Majeure

Lukoils West Qurna-Two Oil Field in Iraq Declared Force Majeure Due to U.S. SanctionsRussian oil giant Lukoil has declared a force majeure at its West Qurna-Two oil field in Iraq, the most significant impact yet from U.S. sanctions. This move allows Lukoil to suspend its contractual obligations due to unforeseen circumstances beyond its control. The field, one of the worlds largest oil fields, accounts for about nine percent of Iraqs total oil output. If issues causing the force majeure are not resolved within six months, Lukoil could completely exit the project, having major implications for both the company and Iraqs oil production. Additionally, Iraq has frozen all cash and crude payments to Lukoil, and the company has terminated the services of all non-Russian foreign staff at West Qurna-Two.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.