Overview
- Iraq’s SOMO froze cash and crude payments to Lukoil and canceled three November loadings, including roughly 4 million barrels allocated as in‑kind payments.
- Lukoil notified Iraq’s oil ministry that force majeure prevents normal operations at West Qurna‑2, one of the world’s largest fields.
- The field is producing about 480,000 barrels per day, or roughly 9% of Iraq’s output, with Lukoil holding a 75% stake.
- Lukoil terminated all non‑Russian foreign staff at the site, leaving only Russian and Iraqi personnel in place.
- A senior Iraqi official said unresolved issues within six months could lead Lukoil to shut production and exit, as a $22 billion asset sale to Gunvor collapsed and Bulgaria moved to prepare a takeover of Lukoil’s Burgas refinery.