Iraq Cancels Lukoil Cargoes as U.S. Sanctions Bite
Iraq’s state oil marketing company SOMO has canceled three crude loadings from Russia’s Lukoil this month after the U.S. sanctioned the second-biggest Russian oil producer last month, market sources have told Reuters. Lukoil has a 75% equity stake in Iraq’s giant West Qurna-2 oilfield, which produces more than 400,000 barrels per day (bpd) of crude oil. The three loadings from Lukoil from its production at West Qurna-2 were scheduled for November 11, 18, and 26, but Iraq apparently doesn’t want to handle the now-sanctioned…