Despite operational disruptions posed by the coronavirus crisis, Iraq maintained its pace of oil exports — but falling global prices sent monthly government revenue to a four-year low.
Senior Deputy Oil Minister Fayadh Nema is retiring – the latest top ministry official to leave his post after a new law reduced the mandatory retirement age.
A newly built cross-border pipeline is expected to begin pumping imminently, allowing Iraqi Kurdistan to continue Iranian fuel imports while reducing truck traffic and coronavirus risks.
Iraq's latest Iran sanctions waiver is the shortest yet – 30 days – reflecting an ongoing strain in relations between Baghdad and Washington.
The Oil Ministry has continued to throttle back production at state-run fields with spare capacity, even as Saudi Arabia and Russia prepare to open the taps for a price war.
Petronas withdraws all foreign staff due to COVID-19; Iraq can replace the lost production with spare capacity at other fields.
Regulations for oil and gas companies in Kurdistan reinforce standing WHO recommendations.
The Oil Ministry is determined to avoid any impact on production, but the oil sector is being disrupted by both reduced global demand and preventative health measures.
The country faced the worst monthly average oil price in more than two years, overshadowing increased output by both federal and Kurdistan oil sectors.
Crude output remains well below capacity as the Oil Ministry continues to curtail state-operated fields.
