Iraqi oil sales hit their highest levels in nearly a year despite OPEC-plus pressure to throttle back production.

A new memorandum of understanding signals a new phase in BP's decade-long pursuit of a deal to rehabilitate major oil fields in Kirkuk.

Iraqi output increased significantly in June; OPEC says Iraq has pledged to start compensating for overproduction starting in July.

High global prices are helping to offset the revenue impact of lower export volumes constrained by OPEC-plus pressure.

Nationwide crude output is far below developed capacity due to the ongoing northern pipeline outage, southern infrastructure constraints, and — most acutely — quota pressure from OPEC-plus.

Exports declined by about 60,000 bpd as Iraq continues to move toward compliance with recently extended OPEC-plus production caps.

China's CNCEC has signed a contract for the 300,000 bpd refinery. The total price could rise to $20 billion with the construction of a petrochemical plant and power plant.

April output in federal Iraq dropped by 100,000 bpd, with cuts coming mostly from state-run fields in Basra.