Chevron Weighs Entry into West Qurna 2 as Iraq Seeks New Operator Terms

Chevron is evaluating whether to step into Russia’s former position at Iraq’s West Qurna 2 oilfield, but has indicated it would only do so under more favorable contractual terms with Baghdad. The field, previously operated by sanctioned Russian producer Lukoil, accounts for about 10% of Iraq’s output and roughly 0.5% of global crude supply, underscoring its strategic importance for both regional production and the broader oil market. Any change in operatorship or fiscal terms could influence medium‑term expectations for supply, with potential implications for global benchmarks such as Oil – Brent Crude (CM:BZ), U.S. benchmark Oil – US Crude (CM:CL), and indirectly the broader energy complex including Natural Gas (CM:NG), given cross‑commodity positioning and macro sentiment around geopolitical risk and sanctions.

Over the past month, prices for CM:CL have risen about 8.18%, while CM:BZ has advanced roughly 9.03%, reflecting tighter supply expectations and heightened geopolitical uncertainty. Natural gas (CM:NG) has outperformed both, with a gain of about 21.06% over the same period, suggesting increased volatility and sensitivity to shifts in energy policy and weather‑driven demand. On a one‑day basis, technical indicators currently point to a short‑term Buy signal for CM:CL, a Buy signal for CM:NG, and a Buy signal for CM:BZ, suggesting near‑term bullish momentum across major oil and gas benchmarks as investors assess potential changes in Iraqi production and broader sanctions‑related supply risks. Investors can explore more updates, prices, and analysis across global markets at Commodities.