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.
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.
