New finance minister takes on oil portfolio after political pressure derailed original proposed by new Prime Minister Mustafa al-Kadhimi.
A comprehensive survey of Iraqi fields suggests the Oil Ministry is targeting about 600,000 bpd of production cuts in May, mostly from fields contracted to international oil companies.
High April export levels were no match for a spiraling oil price down nearly 80 percent since January.
The acting head of the Iraqi state's North Oil Company had been in office since January.
New oil and revenue-sharing agreements hinge on negotiations, but maximalist demands and financial constraints hamper compromise.
Renewal enables Iraq to continue Iranian energy imports, but short window reflects ongoing strain in relations with Washington.
Technical, financial, and political obstacles will make it nearly impossible for Iraq to meet an OPEC pledge to cut 1 million bpd by May 1.
As Iraq descends further into financial crisis, the federal Cabinet and Parliament signal rising opposition to the KRG's monthly budget payments.
Memo alleges heavy-handed dismissals of local labor risk relationship with BOC.
Falling demand forced crude output to two-year lows in March, putting the squeeze on Iraq's oil sector even before a new OPEC quota reduction takes effect.
