Production cuts and falling exports move Iraq closer to OPEC-plus quota compliance.
The KRG's production is falling as cash flows dry up and companies pare back investment.
Major reductions totaling almost 200,000 bpd were not nearly enough to bring Iraq's May production in line with an OPEC-plus agreement.
Protests that prompted an emergency evacuation in May were caused by a breakdown in payments and cooperation between Shell and its government partners.
Ihsan Ismaael, head of the Basra Oil Company, has been tapped to lead Oil Ministry pending vote in Parliament.
After cutting output less than anticipated, Iraq promises further moves to reduce production and bolster global prices.
Letter from Iraqi finance minister to KRG prime minister offers a one-time, $338 million payment – and continuing negotiations for a new budget deal.
In an era of depressed oil prices and budget disputes, the KRG has lost most of the revenue that underwrites its economy, and has no clear plan for bridging its deficits.
Foreign staff of the Shell-Mitsubishi-Iraq joint venture left the country after local workers protested for unpaid salaries.
The company responsible for distributing much of Iraq's fuel is taking new precautions during the pandemic but operating without interruption.
