Overview
- The U.S. State Department confirmed support for Iraq transferring Lukoil’s West Qurna-2 stake to a U.S. operator.
- Iraq’s Oil Ministry said it is negotiating with American companies over a controlling interest in the project.
- Exxon Mobil and Chevron are being discussed as potential operators, with Baghdad reported to favor Exxon.
- Bloomberg, citing unnamed sources, reported the Trump administration is pushing for Lukoil’s global assets to come under U.S. control.
- U.S. sanctions on Russian oil companies remain in place, while a Treasury general license permits certain Lukoil operations outside Russia through April 29, 2026.