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Iraq Cancels Lukoil Cargoes as U.S. Sanctions Bite
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Why This Matters
Iraq's SOMO canceled three crude oil loadings from Lukoil due to recent U.S. sanctions against the Russian oil producer. This disruption impacts the supply of crude oil from the West Qurna-2 oilfield, where Lukoil holds a significant stake, potentially affecting global oil markets.
Market Impact
Market impact analysis based on bearish sentiment with 75% confidence.
Sentiment
Bearish
AI Confidence
75%
Article Context
Note: This is a brief excerpt for context. Click below to read the full article on the original source.
Iraq’s state oil marketing company SOMO has canceled three crude loadings from Russia’s Lukoil this month after the U.S. sanctioned the second-biggest Russian oil producer last month, market sources have told Reuters. Lukoil has a 75% equity stake in Iraq’s giant West Qurna-2 oilfield, which produces more than 400,000 barrels per day (bpd) of crude oil. The three loadings from Lukoil from its production at West Qurna-2 were scheduled for November 11, 18, and 26, but Iraq apparently doesn’t want to handle the now-sanctioned…
Original article published by
OilPrice.com
on November 5, 2025.
Analysis and insights provided by AnalystMarkets AI.
Analysis and insights provided by AnalystMarkets AI.