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)

Apr 6, 2020

Oil Ministry, MPs condemn rocket attack on oil sites in Basra

Investigators say rocket attack on Iraqi and foreign oil sites was likely part of a broader conflict between paramilitaries and U.S. in Iraq.

Apr 2, 2020

March oil revenues drop sharply, but exports steady

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.

Mar 30, 2020

Mandatory retirement further strains Oil Ministry capacity

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.

Mar 30, 2020

New pipeline streamlines KRG-Iran fuel trade

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.

Mar 26, 2020

U.S. tightens window on Iraq’s new sanctions waiver

Iraq's latest Iran sanctions waiver is the shortest yet – 30 days – reflecting an ongoing strain in relations between Baghdad and Washington.

Mar 25, 2020

Iraq limits production despite Saudi ramp-up

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.

Mar 17, 2020

UPDATE: Gharraf field offline after coronavirus evacuation

Petronas withdraws all foreign staff due to COVID-19; Iraq can replace the lost production with spare capacity at other fields.

Mar 15, 2020

KRG issues new anti-coronavirus orders to oil firms

Regulations for oil and gas companies in Kurdistan reinforce standing WHO recommendations.

Mar 4, 2020

Iraq’s oil sector takes new steps in coronavirus response

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.

Mar 2, 2020

Iraq oil export rebound undercut by depleting oil price

The country faced the worst monthly average oil price in more than two years, overshadowing increased output by both federal and Kurdistan oil sectors.