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Energy

U.S. sanctions on Lukoil threaten Iraq oil production drop

There is no backup plan for operating the 480,000 bpd West Qurna-2 field, with some Iraqi officials worrying production might need to be cut within weeks.
A ceremony at the West Qurna 2 oil field in Basra to mark the opening of two new well complexes on June 1, 2023. (JASSIM AL-JABIRI/Iraq Oil Report)

Momentum for Fao refinery project

Chinese consortium is expected in Baghdad for a signing ceremony this month to finalize a deal for a 300,000 bpd refinery complex.

Iraq crude exports steady in March

Oil sales were undiminished in March despite the Oil Ministry recommitting to supplemental OPEC-plus cuts that now extend through June.