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flag Iraq temporarily took over Lukoil’s West Qurna-2 oilfield to ensure stable output under U.S. sanctions, with Basra Oil managing it for 12 months.

flag Iraq has temporarily nationalized the West Qurna-2 oilfield, the largest foreign asset of Russian firm Lukoil, transferring management to state-owned Basra Oil for 12 months to maintain stable production amid U.S. sanctions. flag The field, producing 465,000 to 480,000 barrels per day, supplies about 0.5% of global oil and 9% of Iraq’s output. flag Basra Oil will cover costs using funds from the Majnoon oilfield, ensuring continuity while Iraq seeks buyers for Lukoil’s 75% stake before a January 17 U.S. deadline.

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