Huge Russian-Run Iraqi Oilfield May See Near-1 Million Bpd Output Boost

Given the historically elevated oil and gas prices that have resulted from Russia’s invasion of Ukraine, and the lack of a meaningful shift in OPEC+ production policy to reverse this trend, news that Iraq’s supergiant West Qurna 2 oilfield is now fully back online will be welcomed by those countries whose economies are already being damaged by high hydrocarbons’ prices. Despite Russian oil giant, Lukoil, being the prime operator of the 400,000-plus barrels per day (bpd) field, the Russian company has no reason to expect from Iraq…