Lukoil's Operations Hindered: Force Majeure at West Qurna-2 Oilfield

Lukoil has declared force majeure at Iraq's West Qurna-2 oilfield due to Western sanctions impacting its operations. Consequently, Iraq has stopped all cash and crude payments to the Russian oil major.

Western sanctions on Russian oil company Lukoil have forced the declaration of force majeure at Iraq's massive West Qurna-2 oilfield, according to four informed sources.

The sanctions have complicated the operations of Lukoil, leading to Iraq ceasing all cash and crude payments, reported three of those sources.

The situation highlights the ripple effects of geopolitical tensions on global energy operations.

(With inputs from agencies.)