A temporary but dramatic drop in output at Iraq's most prolific oil field underscores the challenges of fighting natural reservoir decline and maintaining production.
Steep reduction at Rumaila brought Iraq's December production average to its lowest level in 18 months as Iraq continues to restrain output in an effort to meet OPEC-plus expectations.
A long-sought deal is getting high-level political attention, and some officials expect to clinch an initial contract in January.
OPEC-plus dynamics and the ongoing outage of Iraq's northern export pipeline continue to limit Iraqi oil exports, though revenues were steady year-on-year.
Iraq has been transferring large volumes of high-sulfur fuel oil to Iranian traders in a deal to help resolve energy import debts.
Maintenance operations at Iraq's largest fields are bringing production down as the Oil Ministry continues to cut amidst OPEC-plus pressure.
The Karkh Court of Appeals has denied an Oil Ministry appeal and reversed a series of 2022 rulings that declared several KRG oil contracts void.
Budget legislation that could have helped restart Iraq’s northern crude exports is delayed until at least January.
Iraq's oil sales continued a slow decline in November as the OPEC-plus coalition decided quotas will stay lower for longer.
Iraqi gas imports have fallen by about 70 percent after Iran scheduled a temporary pipeline maintenance period to prioritize its own energy supply.
