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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)

The Baiji refinery and the surge

In an excerpt from his new book, “Iraq and the Politics of Oil,” former U.S. oil official Gary Vogler narrates the high-stakes struggles over Iraq’s largest refinery.

Sonangol returns to Qayarah and Najmah

Angolan firm re-starts 2010 contracts to develop fields south of Mosul, following four-year absence after Islamic State group's invasion.

Oil Ministry strengthens KAR ties

Crude flows are increasing from the federal North Oil Company in Kirkuk to KAR Group's refineries in Kurdistan, despite political obstacles arising from Baghdad-Erbil disputes.

Ministry drops Nassiriya Integrated Project

Iraq had attempted to pair the Nassiriya oil field and refinery projects to lure investors, but now the state-run DQOC will develop the field on its own, ending negotiations with a Chinese consortium.

BP is back in Kirkuk

A memorandum of understanding promises to re-start BP's reservoir studies, and could lead to a long-term development deal.

Oil Ministry rebuffs Parliament order against KAR

Despite a non-binding Parliament vote, the ministry indicated it will take a practical approach to continue working with the Iraqi Kurdish company enmeshed in northern Iraq's oil sector.