Russia Declares Force Majeure - Joe Blogs

[TexasTowelie]

Lukoil — Russia’s biggest private oil company — has just declared force majeure at one of Iraq’s largest oilfields, West Qurna-2, which pumps nearly half a million barrels a day.

That legal term means the company is unable to operate because of factors beyond its control — in this case, Western sanctions that froze cash payments and cancelled cargoes.

This move could spell disaster for Lukoil’s global business: Iraq’s oil ministry may seize its stake, while countries across Europe are already taking over or shutting down its refineries and retail networks.

In this video, I break down:
• What “force majeure” actually means and why Lukoil had to declare it.
• The impact on Iraq’s West Qurna-2 field and how Baghdad may respond.
• The cascade of asset seizures and shutdowns in Bulgaria, Finland, Moldova, Turkey, and Romania.
• Lukoil’s collapsing profits and whether this could push Russia’s oil giant toward bankruptcy.
• What this means for the wider Russian economy and Moscow’s energy leverage.

Chapters:
0:00 Intro
1:08 FOREC MAJEURE
2:28 IRAQ
5:49 BULGARIA
6:47 FINLAND
7:27 MOLDOVA
7:59 TURKEY
8:45 ROMANIA
9:05 USA
9:51 OTHERS
10:27 SUMMARY & CONCLUSION

[Bayard]

1. Keep it coming, Ukraine!