Energy

Oil Ministry slashes upstream spending for 2026

Urgent austerity plan aims to cut $1.4 billion from oil field budgets nationwide in 2026 without affecting production — a warning sign of fiscal trouble for Iraq.

Oil Minister Hayyan Abdulghani (center left) and Deputy Oil Minister for Upstream Bassim Mohammed Khdair (center right) meet with Zaid Elyaseri (far left), the president of BP Iraq, in Baghdad on Jan. 26, 2026, to discuss the company's upstream plans and project expenses. (Photo credit: Oil Ministry)

Jul 28, 2023

Baghdad and Erbil claim progress toward budget implementation

Key details remain unresolved, including the lynchpin issue of whether oil companies will get paid enough to enable KRG fields to restart.

Jul 25, 2023

KRG begins implementing budget law with crude transfers to Baghdad

Sign of cooperation bolsters KRG argument for starting federal budget transfers.

Jul 19, 2023

Iraq’s June oil production steady, but losses mount for KRG operators

Federal crude output continues trend of small monthly gains in June, partially compensating for loss of Kurdistan production due to ongoing pipeline outage.

Jul 17, 2023

Ali Maarij to be named Iraq’s deputy oil minister

Current deputy, Laith al-Shahir, former head of legal directorate, reaches mandatory retirement age.

Jul 14, 2023

New life for Iraq’s southern oil export expansion

A $417M subsea pipeline project that was funded and then suspended over the past two months has gotten Cabinet approval again, with a half million barrel per day capacity increase slated for next year.

Jul 12, 2023

Basra refinery expansion delayed by contract dispute

The delay is the latest for the project that was supposed to be completed in 2018, and is sorely needed to expand fuel supply, reduce purchase costs, and provide an additional outlet for Iraqi crude output.

Jul 9, 2023

GGIP signing on July 10 marks progress on $27B project

Final paperwork expected to be signed Monday between Iraq and TotalEnergies, after which the company will begin to take over the Ratawi oil field operations.

Jul 5, 2023

Oil exports rise for second consecutive month

KRG crude exports are still shut in due to the northern pipeline outage, but federal exports have increased further, nearing the maximum capacity of outdated Basra Gulf infrastructure.

Jul 4, 2023

Petronas signals Gharraf oil field exit

The Malaysian company wants to sell its stake to Pertamina due to late payments and low profit margins.

Jun 28, 2023

Cabinet suspends approval of major oil export expansion

Political scrutiny of a contract is delaying a subsea pipeline project with the potential to lift export capacity by 500,000 bpd in a year.