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)

Jun 3, 2020

Iraq’s May exports exceed its OPEC production quota

After cutting output less than anticipated, Iraq promises further moves to reduce production and bolster global prices.

May 22, 2020

Baghdad offers Kurdistan payment tied to budget talks

Letter from Iraqi finance minister to KRG prime minister offers a one-time, $338 million payment – and continuing negotiations for a new budget deal.

May 21, 2020

Financial free fall threatens Kurdistan’s stability, oil sector

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.

May 20, 2020

Basra Gas Company evacuates expat staff during protests

Foreign staff of the Shell-Mitsubishi-Iraq joint venture left the country after local workers protested for unpaid salaries.

May 18, 2020

Q&A: Southern Iraq oil products chief Arkan Abdul-Qaddir al-Hilfi

The company responsible for distributing much of Iraq's fuel is taking new precautions during the pandemic but operating without interruption.

May 13, 2020

Q&A: Bassim Mohammed Khudair, director general of the Iraqi Drilling Company

As the Oil Ministry seeks cost savings and production cuts in response to crashing oil prices, drilling programs are being cut – battering the business of Iraq's state-run drilling company.

May 11, 2020

Q&A: Basra Oil Company Deputy Director General Khalid Hamza Abbas

A top Basra oil leader reveals which fields are being cut under the new OPEC-plus deal and discusses how Iraq's financial squeeze is affecting BOC projects and planning.

May 10, 2020

Ali Allawi to be acting Iraqi oil minister

New finance minister takes on oil portfolio after political pressure derailed original proposed by new Prime Minister Mustafa al-Kadhimi.

May 8, 2020

Iraq orders new OPEC cuts targeting IOC fields

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.

May 2, 2020

Oil revenues crash, dragging Iraq deeper into crisis

High April export levels were no match for a spiraling oil price down nearly 80 percent since January.