Source: Bloomberg
“Russia’s Lukoil PJSC declared force majeure on oil shipments from its giant West Qurna 2 field in Iraq, according to a person with knowledge of the matter. The move is a sign that sanctions against Russia’s No. 2 oil producer are beginning to impact its international operations. The US announced penalties against the firm last month as part of President Donald Trump’s efforts to ramp up pressure on Moscow to end its war in Ukraine. Declaring force majeure gives Lukoil the right to skip contractual obligations, but it doesn’t automatically mean shipments from West Qurna 2 will halt. The company owns 75% of the field, which was pumping more than 480,000 barrels a day back in April, according to Interfax.” (11/10/25)