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Chevron Eyes Lukoil’s Iraqi Oilfield—but Only on Better Terms
Market Intelligence Analysis
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Why This Matters
Chevron is interested in taking over Lukoil's stake in Iraq's West Qurna 2 oilfield, but only if the terms are more favorable. The U.S. sanctions on Lukoil have led to Baghdad taking temporary control of the project, which accounts for 10% of Iraq's oil production. Chevron sees an opportunity to acquire the field at a lower cost.
Market Impact
Market impact analysis based on bullish sentiment with 80% confidence.
Sentiment
Bullish
AI Confidence
80%
Time Horizon
Short Term
Article Context
Note: This is a brief excerpt for context. Click below to read the full article on the original source.
Following the U.S. sanctions on Russia’s Lukoil, which operated one of Iraq’s largest oilfields, Baghdad temporarily took control over the West Qurna 2 project, which accounts for 10% of all Iraqi oil production and 0.5% of global crude supply. Lukoil had a 75% equity stake in West Qurna 2, which produces more than 400,000 barrels per day (bpd) of crude oil. The U.S. sanctions made it impossible for Lukoil to continue operating the huge field. Following the U.S. sanctions on Lukoil and Rosneft, “as a result of Russia’s…
Original article published by
OilPrice.com
on January 29, 2026.
Analysis and insights provided by AnalystMarkets AI.
Analysis and insights provided by AnalystMarkets AI.