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Iraq Cancels Lukoil Cargoes as U.S. Sanctions Bite
U.S. sanctions on Russia's top oil firms caused a 20% drop in crude exports and a rise in at-sea storage to over 380 million barrels, affecting key buyers like India and China.
- On Nov. 2, Russia's four-week average crude exports fell to 3.58 million barrels per day, down 190,000 from Oct. 26, and daily exports dropped 20% to 3.02 million.
- The U.S. government imposed blocking sanctions on Oct. 22 targeting Rosneft and Lukoil, freezing U.S.-based assets while Ukraine's strikes further reduced Russian oil output and exports.
- During the week ending Nov. 2, 26 tankers loaded 21.11 million barrels, down from 34 vessels carrying 26.41 million a week earlier, while floating storage rose 8% to more than 380 million barrels.
- India, China and Turkey have paused or reduced imports of roughly 95% of Russia's crude as Reliance Industries and Indian Oil Corp. comply with U.S. sanctions, benefiting Western competitors.
- Bloomberg cautioned that sanctions could tighten scrutiny on Russian crude, while ExxonMobil, Chevron, Shell and TotalEnergies saw 61% profit growth amid future export uncertainty.
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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 Novembe…
·London, United Kingdom
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Marine supplies of Russian oil fell the most since January 2024 due to new US sanctions against Russian companies Lukoil and Rosneft.
Because of US sanctions.
Coverage Details
Total News Sources16
Leaning Left5Leaning Right0Center1Last UpdatedBias Distribution83% Left
Bias Distribution
- 83% of the sources lean Left
83% Left
L 83%
C 17%
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