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.
The move reflects domestic storage limitations and the global demand shock that led OPEC and other producers to drastically curtail output through the rest of the year.
Red tape and rivalries have prevented the startup of a short pipeline designed to improve the efficiency of the KRG's fuel imports from Iran while mitigating coronavirus risk.
Confronting low oil prices and a pandemic, Iraq will likely be forced to draw heavily from its foreign currency reserves while slashing oil and investment spending.
Investigators say rocket attack on Iraqi and foreign oil sites was likely part of a broader conflict between paramilitaries and U.S. in Iraq.
