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)

Jan 17, 2023

Oil Ministry announces refinery investment opportunities — but no policy overhaul

Iraq's legal and commercial frameworks have failed to clinch a major refinery investment deal for 15 years, but a new government is poised to try again.

Jan 16, 2023

Iraq rakes in record $115.7 billion in 2022 oil revenue

High global prices led to record annual oil revenues for both the federal government and the KRG.

Jan 14, 2023

Drone attack signals ongoing threat to Khor Mor

Friday's attack did not cause damage, but it did highlight unresolved security risks to a gas field responsible for most of Kurdistan's electricity feedstock.

Jan 10, 2023

New KRG policy shifts oil price risk onto IOCs

Kurdistan's crude is trading at an increasingly steep discount to global benchmark prices. A new policy seeks to put those costs on oil companies.

Jan 9, 2023

Q&A: Uday Awad, member of the Parliament Oil and Gas Committee

An MP from Basra and influential member of Asaib Ahl al-Haq, Awad outlined his position on foreign oil companies in Iraq and Iran's role in the oil sector.

Dec 18, 2022

New leadership for Basra Oil Company

Bassem Abdul Karim has been appointed director general of BOC, the first major oil sector leadership change under Oil Minister Hayyan Abdulghani.

Dec 15, 2022

Iraqi crude output falls as tighter OPEC quotas take effect

Crude production and exports decreased in November as Iraq began output cuts in response to tighter OPEC-plus output targets.

Dec 15, 2022

Turkish strikes threaten Syrian crude exports to Iraqi Kurdistan

Turkey’s latest military campaign is targeting energy infrastructure in northeast Syria, depriving the Kurdish-led autonomous region of fuel and power — and potentially export revenue.

Dec 13, 2022

Sudani seeks warmer ties with KRG, starting with budget talks

The 2023 national budget is the first test of the new Iraqi prime minister's pledge to improve relations between Baghdad and Erbil.

Dec 1, 2022

Q&A: Assad Muhair Karim, director general for southern electricity transmission

Iraq is racing to upgrade transmission infrastructure and improve electricity service in the south in time for next summer.