Lukoil’s largest asset resumes operations after shutdown in Iraq

Iraq has restarted production at the West Qurna-2 oil field, which belongs to the Russian company Lukoil.

This was reported by Reuters, citing two Iraqi energy sector officials.

Production was temporarily halted after a leak in the export pipeline, which reduced the field’s productivity.

According to one of the agency’s interlocutors, the wells are already being prepared for restart, and full operation of the field is expected in the coming hours.

Lukoil has a 75% operating interest in West Qurna-2, the Russian company’s largest foreign asset. The field produces about 460,000 barrels per day, or about 9% of Iraq’s total production. Iraq remains OPEC’s second-largest oil supplier after Saudi Arabia.

Reuters notes that Iraq often exceeds production quotas agreed within the OPEC+ alliance, which also includes Russia.

It was previously reported that world oil prices fell to their lowest levels in a month the day before.

Recall that the Russian budget’s revenues from the sale of oil and gas in November may decrease by approximately 35% compared to November last year.

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