Story perspectives

Chevron Negotiates Iraq Oil Field Deal Amid Production Rise

1/28/2026

40 7

Summary

Story summary

Chevron Corporation is negotiating with Iraq to improve returns from the West Qurna 2 oil field, nationalized after U.S. sanctions on Russia's Lukoil.
The field accounts for about 0.5% of global oil supply and nearly 10% of Iraq's output.
Iraq's oil ministry confirmed ongoing discussions with Chevron for any new terms requiring cabinet approval.
Oil production has risen to over 4 million barrels per day, though post-war capacity targets remain unmet.

1 of 1

Story summary

Chevron Corporation is negotiating with Iraq to improve returns from the West Qurna 2 oil field, nationalized after U.S. sanctions on Russia's Lukoil.
The field accounts for about 0.5% of global oil supply and nearly 10% of Iraq's output.
Iraq's oil ministry confirmed ongoing discussions with Chevron for any new terms requiring cabinet approval.
Oil production has risen to over 4 million barrels per day, though post-war capacity targets remain unmet.