Kurdistan's oil sales are steadily growing; a Rosneft-funded oil pipeline has finally reached the 1 million bpd benchmark; and oil companies are getting paid.

In a dramatic shift away from recent austerity policies, Iraq's Cabinet has proposed a 27 percent increase in spending with a $111 billion draft budget.

Parliament has officially confirmed the new prime minister and a majority of his Cabinet, although key posts, including defense and interior ministers, are unresolved.

The widely respected technocrat will serve as both deputy prime minister for energy and oil minister in Adil Abd al-Mahdi's new government.

Cabinet names sitting oil minister as INOC president in special decision, Oil Ministry spokesperson says.