IOCs asked to suggest contract changes

Rick Vierbuchen (R), then president of ExxonMobil Upstream Ventures, shakes hands with Abdul Mahdy al-Ameedi, the director general of the Oil Ministry's Petroleum Contracts and Licensing Directorate (PCLD), after signing an initial deal for the West Qurna 1 field on Nov. 5, 2009. (MOHAMMED AMEEN/Reuters)

Oil price drop prompts Oil Ministry to request cost-cutting measures this year and contractual changes that will alter the decades-long contracts.

UPDATE: KRG tanker unloads in Israel after abandoning US delivery

The view from the deck of the United Kalavryta, in this undated photo on the website of owner Marine Management Services M.C.

The KRG has given up its first attempt to sell independent pipeline exports to U.S. buyers, as the United Kalavryta is redirected to a port in Israel, and the American court has suspended proceedings.