Lukoil Declares Force Majeure at Huge Iraqi Oilfield After U.S. Sanctions
Affected assets and topics
Why it matters
Lukoil has declared force majeure at the West Qurna-2 oilfield in Iraq due to US sanctions, leading to a halt in cash and crude payments from Iraq.
Expected market reaction
Market impact analysis based on bearish sentiment with 90% confidence.
Evidence trail
Evidence
AI provenance
Technical identifiers
- Provider tag
- groq-llama-3.1-8b-instant
- Analysis version
- groq-llama-3.1-8b-instant
- Article id
- 8781
Original source
Russian oil giant Lukoil has declared force majeure at the 400,000-barrels-per-day West Qurna-2 oilfield in Iraq after the U.S. sanctions on Russia’s top oil firms, sources familiar with the matter told Reuters on Monday. Following the October 22 U.S. sanctions on Lukoil and Rosneft, Iraq has stopped all cash and crude payments to Lukoil, according to Reuters’ sources. Last week, reports emerged that Iraq’s state oil marketing company SOMO had canceled three crude loadings from Lukoil this month after the U.S. sanctioned…
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Original article published by OilPrice.com on November 10, 2025. Analysis and insights provided by AnalystMarkets AI.